North Bay property prices up 85.8 per cent since 2018

North Bay experienced an 85.8 per cent rise in residential property prices from June 2018 to June 2023, according to a recent study using figures from the Canadian Real Estate Association.

By analyzing property price data for each region in Canada from CREA, the study determined which regions across the country have seen the highest or lowest property increases in the last five years. 

Average property prices in North Bay have risen from $220,000 to $408,900 in the past five years, according to CREA.

There are notable changes in the five years covered, with places at the top of the list seeing property prices double, while at the other end of the scale, the cost to buy a house in some areas has increased below the rate of inflation.

The CREA data shows another region in Ontario at the top of the list. Here are the four locations that had a higher increase than North Bay in average property prices over the five-year study period: 

1. Tillsonburg District, located in Oxford County, Ont., has seen property prices increase 103 per cent since 2018. In June, its average property price was $581,900, and five years ago, the average cost was $285,400 — a five-year increase of $296,500.
2. Greater Moncton, N.B., is up 95.9 per cent since 2018. Property prices averaged $168,600 in 2018 and have risen to $330,400 as of this year — a rise of $161,800.
3. Mauricie, Que., registers a 92.9 per cent rise in property prices in the region. In 2018, the average property price in Mauricie was $130,000, and the average property price now stands at $249,900, an increase of $119,900.
4. Rideau–St. Lawrence, Ont., places fourth. Property prices have climbed 88.2 per cent since June 2018, when property prices were at an average of $295,500 compared to June's average price of $556,400, up $260,900.
5. North Bay

On the other end of the spectrum, average property prices in Edmonton have only increased 5.6 per cent in the last five years, when the average property price was $356,600. As of June, it was $376,800, a price increase of $20,000.

The Canadian area with the second lowest increase in property prices is Regina. Property prices in Regina averaged $296,000 in 2018 and have risen to $318,700 this year, a 7.6 per cent rise in prices.

Saint John’s, N.L., has the third lowest increase in property prices since 2018. There has been a 15.3 per cent rise in Newfoundland Island City, from $286,500, to $330,500, an increase of $44,000.