The Sarnia area housing market is heating up with the spring weather. In April, work began on 27 single family homes, compared to the month's average of 13 over the past decade. Canada Mortgage and Housing Corporation Market Analyst Anthony Passarelli says it's due to supply in the resale market not keeping up with demand. "Currently in the region, and most parts of Ontario, you see that there's a really low supply of homes listed for sale relative to the amount of buyers out there," says Passarelli. "When that happens, it makes it easier for new homes to be sold because there's a shortage of homes listed for sale." Passarelli says more and more people are making their way to the area from the GTA, and that's making the resale market more competitive. Year-to-date, work has started on 51 homes compared to 37 at this time in 2016. Numbers include the city, St. Clair Township and Point Edward.
(BlackburnNews.com photo)
