The cooling Canadian real estate market saw the fewest homes sold in January since 2009, according to the Canadian Real Estate Association.
Overall sales in Canada were down 37.1 per cent compared to the same time in 2022. In North Bay, sales were down 52.6 per cent last month, with 27 units sold.
“Home sales were 51.8 per cent below the five-year average and 54.1 per cent below the 10-year average for the month of January,” the CREA said Wednesday in a news release.
The overall composite/single-family benchmark price was $372,800 last month in North Bay, falling by 8.2 per cent compared to January 2022.
“The average price of homes sold in January 2023 was $381,844, a large decline of 20.6 per cent from January 2022,” the CREA said.
“The dollar value of all home sales in January 2023 was $10.3 million, a sharp decrease of 62.4 per cent from the same month in 2022.”
The number of new listings was the lowest in history in the city, with just 51 new residential listings in January 2023.
“That’s kind of been trending from November, December into January. It was expected,” said North Bay and Area Real Estate Board President Andre Purcell.
Unsold homes already on the market numbered 99 units at the end of January, more than double the levels from a year earlier, jumping 110.6 per cent from the end of January 2022.
In Timmins, sales totalled 71 units in January 2023, declining 32.4 per cent from January 2022.
“Home sales were 18.4 per cent below the five-year average and 1.5 per cent below the 10-year average for the month of January,” the CREA said.
The average price of homes sold last month was $254,328, up by 13.7 per cent from January 2022.
The number of new listings increased by 9.7 per cent (nine listings) from January 2022. There were 102 new residential listings in January 2023.
“Active residential listings numbered 246 units on the market at the end of January, more than double the levels from a year earlier, surging 105 per cent from the end of January 2022,” the CREA said.
“Months of inventory numbered 3.5 at the end of January 2023, up from the 1.1 months recorded at the end of January 2022 and below the long-run average of 9.2 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.”
In Greater Sudbury, sales totalled 135 units in January 2023, down from the more than 220 sold in January 2022.
“We’ve noticed a decline that translates to about 33 per cent drop,” said Adam Haight, chair of Sudbury Real Estate Board.
"That’s about in line with what’s happening with the province.”
January 2022 statistics for Sault Ste. Marie are not yet available.
Real estate experts told CTV News they believe the decline is only temporary.
“Buyers know what the interest rates are now and they’ve been spending the last three to six months planning and they’re able to budget and re-configure things.” Purcell said.
“And are now looking back into home ownership.”
With files from CTV North Bay video journalist Eric Taschner.
