Northern Ontario home sales and new listings tumble in April as region follows stay-at-home orders
Residential sales activity in the area served by the Timmins, Cochrane & Timiskaming Districts Association of REALTORS® totaled 43 units in April 2020. This was a decline of 66.7% from April 2019 and was the lowest level of sales for the month going back over three decades.
On a year-to-date basis, home sales totalled 309 units over the first four months of the year. This was down 7.8% from the same period in 2019.
The average price of homes sold in April 2020 was $179,133, edging up 1.2% from April 2019.
The more comprehensive year-to-date average price was $171,667, up 8.6% from the first four months of 2019.
The total dollar value of all home sales in April 2020 was $7.7 million, declining by 66.3% from the same month in 2019.
There were 82 new residential listings in April 2020. This was down 8.6% on a year-over-year basis and was the lowest amount of new supply added to the market in over three decades.
Active residential listings numbered 609 units at the end of April. This was a decrease of 15.8% from the end of April 2019.
Months of inventory numbered 14.2 at the end of April 2020, up from the 5.6 months recorded at the end of April 2019 and above the long-run average of 8.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Sales of all property types numbered 54 units in April 2020; this was down 61.2% from April 2019. The total value of all properties sold was $9 million, declining significantly by 62.5% from April 2019.
BOARD & ASSOCIATION INFORMATION
The Timmins, Cochrane & Timiskaming Districts Association of REALTORS® is an Association of 120 REALTORS® that provides services to and sets standards for members and offers professional support and a local Multiple Listing Service®. The Association’s region covers the most northerly Ontario border to the north boundary of Temagami in the south. West to east the Board’s boundary goes from the Pagwa River to the Quebec border. The Association area includes such towns and cities as Hearst, Kapuskasing, Smooth Rock Falls, Cochrane, Iroquois Falls, Matheson, Timmins, Kirkland Lake, Englehart, Earlton, New Liskeard, Haileybury and Cobalt. Listings can also be viewed on the national www.REALTOR.ca web site (residential, commercial and investment properties).
THE TIMMINS, COCHRANE & TIMISKAMING DISTRICTS ASSOCIATION OF REALTORS®
For more information,
Anne Marie Vaillancourt