Home sales sluggish in North Bay, increase in other northeastern Ont. cities

Greater Sudbury posted a strong month in May, with 293 units sold, a jump of 38.9 per cent from May 2023. Year-to-date sales were up by 23 per cent, totalling 990 units, up by 23 per cent compared to a year earlier. (File)

Home sales in the month of May declined in North Bay in May, the only major city in northeastern Ontario that saw a decline compared to the same month in 2023.

Statistics from the Canadian Real Estate Association said sales in North Bay totaled 106 units in May 2024, a decline of 10.9 per cent (or 13 units) in 2023.

The year-to-date figures were more encouraging, with 390 units sold so far this year, an increase of six compared to the same time in 2023.

Greater Sudbury posted a strong month in May, with 293 units sold, a jump of 38.9 per cent from May 2023. Year-to-date sales were up by 23 per cent, totalling 990 units, up by 23 per cent compared to a year earlier.

“Home sales were 4.2 per cent above the five-year average and 9.5 per cent above the 10-year average for the month of May,” the CREA said.

In Sault Ste. Marie, a total of 172 units sold in May, an increase of 12.4 per cent compared to 2023.

“On a year-to-date basis, home sales totaled 592 units over the first five months of the year,” the CREA said.

“This was an increase of 12.8 per cent from the same period in 2023.”

In the Timmins area, a total of 136 units sold in May, an increase of 11.5 per cent. So far in 2024, 449 units have sold in the city, up 7.2 per cent compared to 2023.

The average selling price in May was highest in Sudbury, at $496,557. So far this year overall, the average selling price was $473,401.

The average price of North Bay homes sold in May 2024 was $464,707, up by 4.1 per cent from May 2023.

“The more comprehensive year-to-date average price was $457,579, a minor increase of 2.5 per cent from the first five months of 2023,” the CREA said.

The average selling price in the Sault was $347,457, a gain of 9.1 per cent from May 2023.

The more comprehensive year-to-date average price was $333,531, increasing by 11.4 per cent from the first five months of 2023.

Timmins remains the best bargain, with an average selling price of $296,005, up 11.5 per cent from May 2023. The year-to-date average price was $284,580, an increase of 8.8 per cent from the first five months of 2023.