The Bank of Canada's interest rate hikes to try to combat rising inflation continue to impact Sarnia-Lambton's Real Estate market.
Real Estate Board President Rob Longo said September was another 10 year record high month for new listings, with 264 recorded, a nearly 43 per cent increase from 2021.
"What that's doing is slowing down the market," said Longo. "It's not quite as busy and as frenzied as it was before, but it hasn't had a huge impact on the prices we've seen, with the average price point still holding strong at $500,000. It's just slowed down the volume of sales a little bit from how hectic it was a year ago."
"It is taking a little bit longer for houses to sell and we take that with a grain of salt because it's taking basically two to three weeks now to sell your home, which is still a fairly quick timeline, but definitely not the four to six days that we saw a year ago."
In September, 130 homes sold, down almost 20 per cent from the same month in 2021.
But, Longo still considers the market "active and busy."
"People have more selection and different houses available in each price range with each style. I think that's a good thing for both buyers and sellers. It takes a little bit of the pressure out of that market and it gives them some options. People are taking their time, they're able to look at a few more houses and contemplate their decision before being rushed."
Longo is encouraging buyers and sellers to make the move when the timing is right for them.
"Don't try to time the market in terms of prices, inflation, interest rates and things like that. Focus on yourself and your own personal situation. Your realtor, your banker, your lawyer and all of your guidance people can work you through all of those different numbers in terms of making it work for you."
The sales volume was almost $70 million in September, down almost 15 per cent from the same month last year, and volume sales for the year reached almost $673 million.
