While average home prices rose 17 per cent over the past four years, according The Municipal Property Assessment Corporation, the spike in Timmons and other northern cities was closer to 30 per cent.
In a report released Tuesday, the board found a 29 per cent jump in home prices in the Timmins area, 25 per cent in the Sault Ste. Marie and 19 per cent in and around Sudbury.
That`s especially good news for investors drawn to those markets at the start of the latest ramp up in demand for Northern Ontario`s mining operation. They beat the market, with some of the country`s highest capital appreciation rates.
They`re likely now in the position to sell those properties or expand their portfolios by cashing in on that equity through refinances and HELOCs, say industry veterans.
Still, they have time to decide, according to the report, pointing to continued rise in prices as that mining hub to the north becomes even more active.
The rising home prices have also increased the rental pool, making it more difficult for first-time homebuyers to enter the market.
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