North Bay real estate market strongest amongst Northern cities.

• Author: SITTER, KEN
• Position: Brief Article - Statistical Data Included

Realtors note slight increase in sales over a year period

Unlike his enthusiastic counterparts selling homes in the hot real estate markets in southern Ontario, Dave Demarco is cautiously optimistic about the real estate market in North Bay this year.

"I feel there's some room for us to move up," says the president of the North Bay and District Real Estate Board. "It all depends on whether or not we have a good economic forecast. There seems to be more confidence out there."

The first-time buyer market is solid, while second-time buyers seemed prepared to take the risk to move up, the sales representative for Royal Lepage/North Bay Real Estate Services says.

"Out of the five major Northern Ontario cities ... our market is the strongest," Demarco says. Demarco meets regularly with real estate boards and realtors in Thunder Bay, Sault Ste. Marie, Sudbury and Timmins.

"But actually things haven't changed a lot," from 1999.

The average sale price for houses in the first 11 months of 2000 edged up only $100, to $116,145 from $116,044, and the average listing time remains in the 60- to 90-day range depending on the type of property, Demarco adds.

By the end of November, North Bay realtors sold 1,142 homes in 2000, an increase of 22 from 1,120 for the same period a year earlier.

Demarco reports that the fastest growing market segment is the $120,000 to $170,000 range, mainly move-up buyers and some first-time buyers, with sales increasing about 27 per cent this year over the same period last year.

Buyers want homes they can move right into and don't want to be concerned about home improvement projects, and there seems to be a dearth of those quality homes in that price range, Demarco...