Sarnia Real Estate & Homes for sale - Point2

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We would do well to consider the trickle-down effect this rising real estate market is having on our city's unemployed and working bad. This neighborhood has an enduring issue with a lack of cost effective real estate. And while Sarnia and Lambton County are trying to resolve the issue through regulatory changes and proposed brand-new systems, change can't come quickly enough.

Lots of people run out work as a repercussion of lockdowns, they can't afford to pay their rent. Some property owners have selected to sell. Others update their properties and "renovict," displacing low-income tenants, raising rents, and contracting an already limited rental market. Where do those occupants go? Often they are pushed into unsafe living conditions or become homeless.

Some Known Details About Sarnia Real Estate & Homes for sale - Point2

Given that COVID, more and more are being housed in overflow shelters. For some, the scenario is dire. We would be smart as a community to increase our economical housing plans and help those marginalized by this real estate boom.

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If you purchased a home last year in this busy Sarnia property market, you have already made some big cash. eXp Realty Canada released have stated that back in 2018, houses for sale in Sarnia on typical went for $309,000. This year, they are already at $331,000. Basically, demand is surpassing supply, and as we have spoken about thoroughly, this market continues to be hot.

According to the Sarnia Observer, 10 years ago newbie purchasers might get a location for around $200,000. Today, that cost is now in between $250,000 to $300,000. For a newbie homebuyer who is looking at your homes for sale in Sarnia, that implies they need more downpayment. At 5%, $10,000 sufficed to get you in the door.

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And since of short supply, some people are needing to stretch their budget even further. Sales across Sarnia-Lambton have increased over the past year as well. In the second quarter of 2019, 468 single detached homes offered at a typical cost of $299,900, according to the CREA. Compared that to the year prior to, where 438 systems offered at an average list price of $275,000.