The number of homes sold in Chatham-Kent took a hit last month because of the uncertainty U.S. tariffs are having on the local real estate market.
The Chatham-Kent Association of Realtors (CKAR) reported on Wednesday that hit could continue as it announced 66 homes were sold in CK in February 2025, a sharply decline of 24.1 per cent from February 2024.
CKAR also said home sales were 29.8 per cent below the five-year average and 26.9 per cent below the 10-year average for the month of February. The association noted 153 homes have been sold so far this year, up just 0.7 per cent or one home sale from the same period in 2024.
"The threat of a trade war loomed large in February, weighing on the sentiment of buyers and sellers alike who withdrew to the sidelines," said CKAR President Barbara McCaughrin. "With the volatility of tariffs and Canada instituting counter tariffs of its own, there is a significant amount of uncertainty regarding the outlook on our economic prospects and labour market. We expect to see a further loss of momentum in our housing market in the near future as people take a wait-and-see approach to the fallout from the trade war."
CKAR said the average price of homes sold in CK last month went up by 2.3 per cent from February 2024 to $418,711 and rose by 9.7 per cent compared to the first two months of last year to $444,901.
The dollar value of all homes sold last month by CKAR was $27.6 million, a sharp decrease of 22.4 per cent from the same month in 2024.
The number of new listings was also down by 18.8 per cent from February 2024, according to CKAR. The real estate association reported 143 new homes went up for sale last month, the lowest number of new listings added in the month of February in more than five years. New listings were also 6.5 per cent below the five-year average and 2.7 per cent above the 10-year average for the month of February, CKAR said.
On the bright side, there are plenty of homes to choose from when buyers are ready to make a move.
CKAR noted there are a total of 351 homes for sale across Chatham-Kent, a minor increase of 2.9 per cent or 10 listings from the end of February 2024. The active listings were also 51.9 per cent above the five-year average and 43.1 per cent above the 10-year average for the month of February, according to the CK realtors association.
"Active listings haven't been this high in the month of February in more than five years," said CKAR.