Sault Ste. Marie Housing Market Outlook (2024)

The average sale price in the Sault Ste. Marie housing market has increased by 3.9 per cent across all property types between 2023 and 2024 from $336,000 to $349,000. The number of sales transactions also increased in lockstep, rising by 2.5 per cent year-over-year, from 854 to 875 unit sales. Meanwhile, the total number of listings increased by 6.1 per cent (from 1,179 properties listed in 2023 to 1,251 in 2024) and the number of new listings increased by 6.1 per cent (from 180 in 2023 to 191 in 2024). Looking ahead to 2025, Sault Ste. Marie is expected to be a balanced market, with average price anticipated to rise by three per cent, while the number of sales is expected to remain flat. The number of listings is expected to increase by three per cent in 2025.

First-time buyers are expected to drive market activity in 2025, and single-detached houses account for the bulk of sales activity in the region.

First-time homebuyers are typically purchasing bungalows and semi-detached houses within the $250,000 – $350,000 price range. Move-up buyers are purchasing townhomes and cottages in the $450,000 – $700,000 price range. Many are staying in their homes longer, given the lack of attractive alternative options to move up in the market. Retirees are downsizing into condos in the $350,000 – $450,000 price range. More retirees are also considering renting due to expensive condo fees.

There are less new builds occurring in the region, as development have slowed due to high building costs.

Buyer confidence is expected to be very high in Sault Ste. Marie in 2025 compared to 2024, with reduced interest rates making it easier for first-time homebuyers to enter the market. The biggest challenge for first-time homebuyers has been finding suitable homes that fit in their price range.