New-home construction, real estate market remain stable.

• Author: Ross, Ian
• Position: North Bay - Brief Article

North Bay's real estate market remains strong, and low interest rates continue to be a factor in this trend.

Though fewer homes were listed this year - only 1,430 new listings, down from 1,736 last year - sales were ahead 9.8 per cent for the first eight months of 2002.

House prices remain relatively stable, with an average price of $119,239 for the first eight months, down 1.3 per cent from the same period last year.

"There's good supply out there on the market, but not as good as it has been last year," says Warren Philp, market analyst with the Canada Mortgage and Housing Corp. (CMHC).

Real estate agents were scrounging to keep up with the demand for the mid-range $100,000 to $159,000 homes from many first-time and move-up buyers - a trend present all over Northern Ontario, says Philp.

New construction got off to a good start this year, but the numbers have slowed down.

The CMHC statistics show builders started 63 single-detached home units in North Bay through the first eight months of this year, compared to 68 in the same period last year.

Though considerably weaker from North Bay's building-boom years between 1985 and...