New residents help fuel local real estate market in June

© Can Stock Photo / Feverpitched


Sarnia-Lambton continues to be a popular spot to relocate for out-of-towners.

According to the Sarnia Lambton Real Estate Board, over 50 new people joined the community in June. However, that number is expected to be significantly higher because the information is voluntarily submitted and only counts people purchasing homes.

President Rob Longo said that trend has certainly impacted the local market in the past couple of years.

“It creates a lot of opportunities, not just for those newly relocated people, but also for the existing residents,” said Longo. “As we’ve seen with the creation of new housing developments and new apartments and different condo and housing options, it really helps to push that sort of economy along and build out more units to give more options to local people as well.”

Overall, the local housing market continues to be strong, with a median year-to-date price of $520,750, up 20 per cent over 2021.

“We have seen prices start to soften in some of the larger markets outside of the GTA over the past couple of months. Our local price is holding strong. We’ve seen good, steady pricing but the number of overall sales has started to slow down a bit through June.”

There were 293 active listings in June, including 320 that just hit the market. A total of 150 homes were sold in June, down about 19.8 per cent from the same month last year.

The overall number of homes on the market now is more than 90 per cent higher than last year.

Homes continue to sell on average in eight days for 110 per cent of their asking price.

Longo said while he doesn’t have a crystal ball, he’s optimistic about the future.

“We are expecting prices to even out a little bit here,” he said. “We’re seeing a nice, soft landing for the local market. We’re expecting things to hold steady, we’re not expecting any decreases and we’re expecting a return to the more traditional three to six per cent yearly increases that we were accustomed to seeing here locally.”