OTTAWA — House prices in the Sault Ste. Marie area have seen a dip, signaling a potential slowdown in the local economy. Reports indicate that the prices of 49 homes listed on the market have been reduced in recent weeks.
Tsur Somerville, a Real Estate Professor at the University of British Columbia (UBC), attributed the price decline to increased anxiety among residents about the future, driven by the crisis facing local steel plants. He pointed out that industrial changes in smaller cities often have a direct impact on the housing market.
Gary Trembinski, President of the Sault Ste. Marie Real Estate Board, offered a slightly different perspective, suggesting the current slowdown is due to the number of homes remaining unsold and the initial tendency to overprice listings. He noted that many houses priced under $200,000 require repairs, contributing to the price reductions.
However, Trembinski provided reassurance, stating that the average home price has still seen an increase of about one percent this year, and the inventory of unsold homes remains below the long-term average. He concluded that, overall, the market is stabilizing and is unlikely to experience the sharp price drops seen in larger cities, emphasizing that Sault Ste. Marie continues to be an affordable community.
