Housing market cooled across northern Ont. in June

The once red-hot housing market in Canada cooled off some more last month, including in northern Ontario.

The once red-hot housing market in Canada cooled off some more last month, including in northern Ontario.

The number of homes sold in Sault Ste. Marie in June dropped by 24.2 per cent compared to June 2022.

“Home sales were 17.4 per cent below the five-year average and 9.6 per cent below the 10-year average for the month of June,” the Canadian Real Estate Association said in its monthly update.

“On a year-to-date basis, home sales totaled 705 units over the first six months of the year, declining 29.9 per cent from the same period in 2022.”

The average price of homes sold in June 2023 was a record $348,889, up by nine per cent from June 2022.

“Home sales were 9.7 per cent below the five-year average and five per cent above the 10-year average for the month of June,” the  Canadian Real Estate Association said.

“On a year-to-date basis, home sales totaled 565 units over the first six months of the year, a substantial reduction of 35.7 per cent from the same period in 2022. The number of new listings saw a sharp decrease of 17.1 per cent from June 2022,” the  Canadian Real Estate Association said.

“There were 174 new residential listings in June 2023. This was the lowest number of new listings added in the month of June in more than 35 years.”