Homes sales in Chatham-Kent are off to a slow start so far this year.
The Chatham-Kent Association of Realtors (CKAR) reported 57 homes were sold last month, a big decline of 44.1 per cent from January 2022. Home sales were also 34 per cent lower than the five-year average for the month of January and 19.4 per cent below the 10-year average for that month.
"Much to nobody’s surprise we are starting 2023 off where 2022 finished, with sales activity remaining at historically subdued levels," said Association President Matt Bechard. "It appears that the Bank of Canada may have topped out its interest rate increases for now, but there is still a lot of catching up to do in terms of absorbing the multiple rate hikes from last year."
CKAR also said the market may see a "relatively more subdued spring uptick" than has been the case in the past given the uncertain economy and the time it will take for the impact of the interest rate hikes to fully kick in.
The average price of homes sold across Chatham-Kent last month also dropped 12 per cent to $402,156 compared to the same period last year.
Local realtors, though, noted that it's not all bad news.
They said home inventory levels have bounced back to a healthy supply and the market is firmly positioned in favour of buyers.
The number of homes listed for sale in January jumped 45.7 per cent from a year ago. CKAR said 153 homes were listed in January, the largest number of new listings added in the month of January in more than five years.
