Rising house prices sent the Sarnia area’s real estate market above the $700-million mark in total sales volume in 2020, says the new president of the Sarnia-Lambton Real Estate Board.
The more than $733 million in total sales in Sarnia and the rest of Lambton County was a record local sales volume and 21 per cent higher than 2019, according to the board’s year-end statistics.
“It was a pretty strong year for us, surprisingly, given everything that’s happened,” said incoming board president Rob Longo. “A lot of that has been buoyed by the price increases.”
The average local home price reached $403,620 by the end of 2019, which was up 19.9 per cent from the previous year.
“The total number of sales was basically flat” in 2020, so the increase in sales volume came from the increase in home prices, Longo said.
Rising home prices have been fuelled by “record low interest rates,” plus the local market is seeing “an influx of people from (the Greater Toronto Area), Kitchener and the bigger centres coming this way,” he said.