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Report says North Bay tops province in real estate transaction price increase over the past year

'North Bay shows the biggest dynamism - probably linked to a renewed attractiveness following the pandemic'

Good news if you own a home but bad news if you are trying to buy one locally.

A report out today by HelloSafe shows that North Bay homes increased by an eye-popping 46 per cent over the past year. That's the biggest increase in Ontario where the average price increase in the province was 25.6 per cent.

Close behind was the Bancroft area at 45 per cent.

"With an increase of almost 46 per cent in its property prices, North Bay shows the biggest dynamism - probably linked to a renewed attractiveness following the pandemic," suggests the report.

See the complete report here.

With an increase of almost 40 per cent, Oakville-Milton is the most expensive city to buy real estate in Ontario, with an average transaction level of $1.6 million, and nearly two times the average price of the province. 

Ontario is 4.6 per cent more than at the national level, where prices increased by 21 per cent on average during the same period of time.

The median price for a house in Toronto is now $1,259,900, up over 33 per cent in a year.

Real estate prices increased by 25.6 per cent in Ontario over the past 12 months, despite a full year of Covid-19, says HelloSafe.

The study shows that:

  • In January 2022, the average transaction price exceeded $1 million in seven towns across the province (against only 2 last year) 
  • In half of Ontario main cities, the average real estate transaction price grew by a third or more during the past 12 months
  • In January 2022, Ontario's average transaction price reached $998,629 - making Ontario the second most expensive province in Canada for real estate after BC.

"It proves Ontario's housing market dynamism despite the gloomy circumstances of the Covid-19," says the report.

"As a dynamic city and Ontario's second city in terms of population, Ottawa is 'only' the 17th most expensive area in the province for real estate (10th last year). However, prices in Ottawa are growing fast since 2006. Its average real estate price in 2005 was $226,600, and it has now raised $689,700 in January 2022, more than tripling in 15 years," adds the report.

The average price of a property in Canada is around $748,500 in January 2022, according to data released by the CREA. Buying real estate in Ontario costs on average 33.4% more than in the rest of the country.

"The 2021 real estate numbers are very impressive as concerns Ontario." Alexandre Desoutter, editor-in-chief at HelloSafe Canada says. "Despite difficult circumstances related to the Covid pandemic, the housing markets prices remain crazy, with now many areas where you to invest more than $1 million to have a house. The question now is: when and how that exponential trend will stop? Let's just hope that the housing market bubble does not explode all of a sudden in the future."

Hellosafe is a comparison platform in the insurance market.

Jeff Turl

About the Author: Jeff Turl

Jeff is a veteran of the news biz. He's spent a lengthy career in TV, radio, print and online, covering both news and sports. He enjoys free time riding motorcycles and spoiling grandchildren.
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