North Bay 2015 - A Year in Review

For North Bay & surrounding areas, 2015 presented some optimism for the real estate housing market. That optimism was buoyed by MLS statistics for the North Bay Real Estate Board.

Overall, sales of single family residential homes increased by 12.2 %, over the previous year (2014). The city of North Bay (itself) saw an 8.1 % increase, while rural areas experienced a 19.2 % jump in sales.  

Avg. Sale Price (Single Family)

 

    2014

   2015

% Change

North Bay

$ 233,073

$234,432

  0.6 %

Rural Areas

   218,314

  215,523

- 1.3 %

Waterfront *

   359,603

  346,993

- 3.5 %

R.E. Board Avg.

$ 231,016

$ 229,374

- 0.7 %

* Trout Lake & Lake Nipissing

While # of sales increased, the average sale price remained stable for all residential sectors. This despite a struggling local economy that has faced job restructuring in government & government funded operations (Hospital, Nipissing University, etc), a sluggish mining sector, and disappointing numbers for new single family dwellings  –  31 Starts (N. Bay 2015).

 

2016 Outlook – North Bay

While any struggling economy will elicit a certain level of negativity, it is important to recognize improvements, or positive changes. Aside from increased sales, and stabilizing prices, the Greater North Bay area saw a 1.0% growth in population (Stats Canada’s 2006 - 2011 census) – which was counter to the Northern Ontario trend.

And with the Canadian dollar at 70 cents ($US), the seeds are there in providing a boost to the resource and manufacturing economy, as Canadian prices are effectively 30% less. For industries in Northern Ontario - including Mining – this will have a beneficial impact on North Bay’s economy.

The upside will take time to make its’ impact, but the trend should demonstrate positive growth for the area.

 

The Valenti Team

 

Ed Valenti and Peter Valenti

Sales Representatives

Century 21 Blue Sky Region Realty

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