Home prices have been a controversial issue for most home buyers as some markets experienced high home prices while others had more affordable prices in 2016 but for Sault Ste. Marie, the average home price fell by 4.8% in comparison to the previous year.
Reports from the Sault Ste. Marie Real Estate Board sent to the Canadian Real Estate Association shows that in December 2016, there was a 20% decrease of home sales with the year-to date- home sales at 1,253 units.
By contrast the home sales in Sudbury increased by 14.8% while home sales in North Bay remained steady.
Although the figures from Sault in December 2016 were lower than that of 2015, they were however higher than figures after 2008. Home prices in December were $164,542 which is a 4.8% decrease from the previous year. The year-to-date figures were more uplifting with a 2% increase from 2015.
Taking a look at the overall home sales in December, there was a 23.8% drop from the previous year.
However, there was also an increase in the supply of new homes as there were 603 new listings in the city which will address the growing demand of homes in the region.