Northern Ontario home sales shatter previous October record: 2020 on pace to become record year
Residential sales activity in the area served by the Timmins, Cochrane & Timiskaming Districts Association of REALTORS® totaled 180 units in October 2020. This was a large increase of 46.3% from October 2019 and was also a new sales record for the month of October.
The past five months (including October) represent the top five months for sales activity in all of history for the region.
On a year-to-date basis, home sales totalled a record 1,327 units over the first 10 months of the year. This was an increase of 19.4% from the same period in 2019.
The average price of homes sold in October 2020 was $185,640, up 6.5% from October 2019.
The more comprehensive year-to-date average price was $188,457, rising 10.9% from the first 10 months of 2019.
The total dollar value of all home sales in October 2020 was $33.4 million, a notable gain of 55.8% from the same month in 2019. This was also a new record for the month of October.
There were 162 new residential listings in October 2020, was down 7.4% (13 listings) on a year-over-year basis.
Active residential listings numbered 482 units at the end of October. This was a large decline of 44.3% from the end of October 2019. Overall inventory currently stands at the lowest level in a decade.
Months of inventory numbered 2.7 at the end of October 2020, down from the 7 months recorded at the end of October 2019 and below the long-run average of 7.4 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 198 units in October 2020; advancing 44.5% from October 2019. The total value of all properties sold was $34.8 million, a considerable gain of 54.6% from October 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