The sold sign on this home on the north end of the city near Ski Club road is an indication that the housing market is improving. PHOTO BY CHRIS DAWSON.
The North Bay Real Estate board is reporting some positive signs that the economy is improving in the city of North Bay.
Board President Mark Lepage says the overall housing market for the first three months of 2015 is up about 8.1%.
“Last year wasn’t exactly the best year but there is improvement,” said Lepage Wednesday morning from his office at Coldwell-Banker on Fraser Street.
Lepage says the middle market is seeing the most growth with the top and bottom ends of the market having room for improvement.
“The higher end is definitely a little bit slower right now but also the very low end of the market is a little slower right now so it’s kind of the middle section of the market that is doing quite well,” he said.
“Unfortunately, the low interest rates has actually hurt the low end of the market because first time buyers don’t have to buy a $125,000 to $150,000 house, they can skip right up and go to $200,000 or $250,000.”
Lepage just returned from an Ontario Real Estate Board meeting in Ottawa. He says most of the north is in the same position as North Bay.
“They say that overall Canada is up and all of that, but it is really just Toronto and Vancouver that is driving that,” he said.
“The rest of the country is doing okay but it’s not as active as it has been.”
Lepage believes the tax rates in North Bay are a concern for home owners in the city but he says they are looking at finding solutions to that issue with City Hall.
“We are trying to build a good rapport with city hall to try and see if there’s things that we can do as an association to help the city grow. That was part of the discussions we had with Jay Aspin and Vic Fedeli but definitely tax levels in the city are becoming a concern.”
