Home prices all across Ontario have been skyrocketing over the past year, and although most cities are on track to keep rising through the rest of 2021, there’s one Ontario city where prices are expected to drop.
RE/MAX released its Canadian Housing Market Outlook this week, projecting the fate of Canadian real estate for the rest of the year. Out of the 18 Ontario regions studied, including places like Toronto, Hamilton, Ottawa, and London, all but one is expected to see further price increases in the coming months.
The lone wolf with an anticipated decline is North Bay, a city in northeastern Ontario near Lake Nipissing. Although North Bay experienced marked real estate price increases at the beginning of 2021 — detached homes are up 33% from the beginning of the year, condos are up 38%, and townhomes are up a whopping 57% — RE/MAX is predicting that prices will actually fall 2% in the final months of the year.
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Not only is North Bay the only Ontario city included in the report that’s supposed to experience a drop, it’s also the only city in Canada.
The projected drop comes as contrast to other Ontario cities like Muskoka, Thunder Bay, and Kitchener, which are all expected to see home prices grow by 22%, 10%, and 10% respectively. Toronto real estate prices are expected to go up another 7% by the end of the year.