The average residential sale price in the North Bay housing market has decreased by two per cent year-over-year across all property types between January 1 and July 31 2025 from $485,076 to $474,821. The number of sales increased by six per cent for the same time period from 280 to 299. The number of listings increased by four per cent (from 419 in 2024 to 438 in 2025).
Average sales prices across all property types are anticipated to drop by two per cent through the end of 2025 due to cautious buyer behaviour amid economic uncertainty and a market with more options than some buyers expected. Meanwhile, the number of sales is projected to rise three per cent due to attractive local market conditions that are encouraging activity, particularly among families and first-time buyers. While prices are softening slightly, buyer interest remains steady, supporting modest growth in sales volume.
Trends in the North Bay Housing Market
In Q4 2024, North Bay housing market experienced a balanced market, leaning towards a buyer’s market. A growing number of homes on the market meant that buyers could take their time and explore a wider range of choices. Sellers therefore needed to be more reasonable with their pricing and terms of sale, particularly for homes that needed updates or were initially priced above what buyers expected.
Families remain the primary drivers of housing demand in the region, a trend expected to continue through the end of the year. Retirees are also attracted to the region for its appealing neighbourhoods, green spaces and a variety of downsizing choices that still provide convenient access to essential services and amenities. Economic uncertainty is keeping many buyers on the sidelines, slowing overall market activity in North Bay. First-time buyers are averaging at least 30 years old, and more are relying on family financial support to help them get into the market.
Cottage and waterfront properties are also taking longer to sell, as demand for secondary homes has softened. Affordable homes in the low to mid-range remain in short supply, adding to buyers’ caution. More offers are now coming with conditions, allowing buyers to move forward only when their financing is secure or their current home has sold. This has become increasingly significant in the slower market, particularly for properties that have stayed on the market for longer periods of time.
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