Like most of Ontario, North Bay's real estate industry took a hit in the month of April due to the COVID-19 pandemic.
Rob Jamieson, President with the North Bay Real Estate Board, says the number of single-family residential sales for the NBREB were down 54 per cent in April of this year compared to April 2019.
"There is no doubt COVID-19 is having an effect on the Real Estate sector and markets across Ontario, including here in North Bay," said Jamieson.
"Many real estate markets across Ontario, including North Bay reported strong sales results in the first quarter of this year relative to the same time frame last year. Market activity changed substantially in the second half of March as the province announced a State of Emergency and Public Health Authority social distancing measures came into practice."
Jamieson says the local sales numbers are in line with much of the rest of the province.
"This shows many buyers and sellers are following the provincial government recommendations and are holding off during COVID-19," he said.
"We continue to have low inventory of properties for sale, with some pent-up buyer demand and as a result, locally prices have not been impacted."
But the industry is trying to adapt to the challenges that come with a pandemic. While the industry has been deemed an essential service by the province, Jamieson admits it is not business as usual.
"Public open houses have been banned and realtors have to be innovative in providing alternative methods for showcasing listed homes and servicing Buyer’s needs while maintaining social distancing," he said.
"Examples include virtual tours, virtual Open Houses, additional photography, video conference calls, and FaceTime walkthroughs. We are also utilizing digital signature software as much as possible to complete the required paperwork."
Jamieson insists that North Bay Real Estate Board members are fully committed to following Government and Public Health recommendations in order to do their part to help flatten the curve.
