Sales in our local market edged up marginally from January but declined compared to February 2024, remaining below long-term averages, the harsh winter weather throughout February most likely effected these numbers. The number of newly listed homes held steady from the previous month, increased year over year, and stayed above the long-term averages.
Market conditions stayed in the lower end of balanced territory with a slight tilt in favour of buyers. Looking ahead, the impending tariffs from south of the border pose significant implications for Simcoe and the surrounding areas. Manufacturing and agriculture, two of the main pillars of the local economy, are particularly at risk. Higher costs on exports such as automotive parts and cash crops like soybeans and corn could disrupt supply chains and cut into profit margins, adding pressure on local business and consumers alike.
Months of inventory numbered 6.5 at the end of February 2025, up from the 5.3 months recorded at the end of February 2024 and above the long-run average of 3.5 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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All data correct as of March 21st, 2025, data gathered by the BDAR Stats based on February 2024 vs February 2025.
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