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Home prices, sales drop in northeastern Ontario, real estate board says

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There was more evidence of a cooling real estate market last month, as sales and prices declined in northeastern Ontario.

Statistics from the Canadian Real Estate Association (CREA) showed the biggest drop was in Sault Ste. Marie, where home sales totalled 131 units in October, down by 28.8 per cent from the same time period in 2021.

“Home sales were 13.4 per cent below the five-year average and 7.5 per cent below the 10-year average for the month of October,” the CREA said in a news release.

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“On a year-to-date basis, home sales totaled 1,621 units over the first 10 months of the year. This was a substantial decrease of 23.2 per cent from the same period in 2021.”

The average price of homes sold last month in the Sault was $296,629, a gain of 7.6 per cent from October 2021.

“The more comprehensive year-to-date average price was $319,273, increasing by 19.2 per cent from the first 10 months of 2021,” the CREA said.

“The dollar value of all home sales in October 2022 was $38.9 million, a sharp decrease of 23.4 per cent from the same month in 2021.”

There was also a sharp drop in Timmins, where 125 homes were sold in October, down 25.1 per cent compared to the same period in 2021.

“Home sales were 12.6 per cent below the five-year average and 2.3 per cent above the 10-year average for the month of October,” the CREA said.

“On a year-to-date basis, home sales totaled 1,433 units over the first 10 months of the year, declining 15.2 per cent from the same period in 2021.”

The average price of homes sold in Timmins last month was $256,942, a gain of 8.3 per cent from October 2021. The dollar value of all home sales in October 2022 was $32.1 million, falling 19 per cent from the same month in 2021.

It was a similar story in North Bay, where home sales dropped 23 per cent compared to October 2021.

“On a year-to-date basis, home sales totalled 1,053 units over the first 10 months of the year,” the CREA said.

“This was a large decline of 23.1 per cent from the same period in 2021.”

The average price of homes sold in October 2022 was $400,593, decreasing by 9.7 per cent from October 2021.

The latest figures for Greater Sudbury are not yet available, however, statistics from September showed a decline of 16. 3 per cent in home sales.

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Toronto Real Estate Prices Rise Despite Weakest January Sales Since 2009 – Better Dwelling

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