North Bay is one of many markets “heavily impacted” by buyers from Southern Ontario migrating north. Affordability is an enduring concern especially in the backdrop of a faltering economy and job uncertainty.North Bay’s affordability has been relatively greater than its southern counterparts, Peripheral areas are more affordable both from a rental and purchase perspective.Mortgage rates have never been lower, which incentivizes more people to enter the market.
Increased space has become a prominent buyer demand in the wake of the pandemic, with detached homes serving as the most popular home type in cities like North Bay. They also have attics and basements, which few attached homes have. Let’s have a look at these statistics –
- The Average price of homes sold in May 2021 is $406,633, a substantial gain of 39.2% from May 2020.
- The Number of new listings saw a substantial increase of 79.5% from May 2020.
- 210 new residential listings in May 2021.
What’s acting in favour of strengthening the North Bay real estate market ?
1. More people are working from home, giving them the opportunity to fulfill their professional duties from any location.
Analysts say with companies looking to have 15-25% of employees working remotely, future homebuyers or even those living on rent will explore small town areas for a better lifestyle at lower costs. The trend is gaining more popularity with millennials, or essentially those in the age group of 25-40 years.They do not need to live where they work, enabling a home purchase outside of urban areas.Spacious and Independent Houses for sale are available in North Bay at affordable rates.The North Bay Real Estate Market is a sizzling market for property buyers and real estate investors. The rush to give employees access to all the tools they’d need to work from home was a little challenging for many employers. But after everyone settled in, what quickly became apparent to many office-based teams is that employees could be productive and focused when not in the office—in many cases, even more so. Employers everywhere began to understand that remote work really works.
2. Home purchase outside of urban areas seeking more living space and affordability in the fallout of the COVID-19 public health crisis
Increased space has become a prominent buyer demand in the wake of the pandemic, with detached homes serving as the most popular home type in cities like North Bay. They also have attics and basements, which few attached homes have. In general, if you want room to expand your family, whether with children or perhaps elderly family members at some point, a detached home in North Bay will provide more space to do so.The dream of a detached home can now be easily fueled with a variety of options available in North Bay. Families are willing to shift to areas where their kids can enjoy an easy and hassle free living. Many people want to raise their children in an environment which is all conducive. North Bay offers good education and healthcare facilities which adds on to the interest of property buyers. North Bay will find a truly Canadian landscape, four distinct seasons of activity, a diverse economy with a range of employment opportunities, a first-class regional health centre and multi-level learning establishments.
3. Mortgage interest rates are historically low, which widens the housing options available to buyers.
5-year fixed mortgages are the most common type of mortgage in North Bay.The ‘5’ in a 5-year mortgage rate represents the term of the mortgage, not to be confused with the amortization period. The term is the length of time you lock in the current mortgage rate, while the amortization period is the amount of time it will take you to pay off your mortgage.When the mortgage rate is ‘fixed’ it means that the rate (%) is set for the duration of the term, whereas with a variable mortgage rate, the rate fluctuates with the market interest rate, known as the ‘prime rate’. So, for example, if the 5-year fixed mortgage rate is 4%, then you will pay 4% interest throughout the term of the mortgage.
4. North Bay enjoys plenty of beautiful scenery unmatched by anything in the rest of Ontario
Housing in North Bay offers a variety of options depending on whether you prefer an urban or rural location. Country settings are available within minutes of the downtown core and provide an array of attractive living alternatives.From condo-by-the-lake living, to modern executive-style dwellings, to old-world Victorian housing, living in North Bay is both safe and affordable.A variety of recreation and leisure opportunities exist in North Bay. They include arts, culture and heritage activities, nature activities and the City of North Bay’s community programs and services. We also have organized clubs producing Olympic-class athletes in a number of sports.North Bay’s natural environment features access to 3,400 km of groomed snowmobile trails, close proximity to 8 golf courses, 6 marinas, 42 beaches, 74 park areas and access to 100+ km of multi-use trails. Additional features within city limits include Duchesnay Falls, Laurentian Ski Hill and two large lakes with uninhibited vistas and vacant islands.It is large enough to establish that big city feel of diversity, culture, and excitement yet small enough to offer the warmth of a caring and safe community. This vibrant city offers a healthy and balanced environment for working, living and raising a family.
If more homebuyers relocate to North Bay, this could be the start of a regional transformation, for the better.
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