Long known as one of Ontario’s main mining towns, the quaint town of Bancroft draws in residents from near and far due to its charm and illustrious history. With roots as a village first settled by United Empire Loyalists and Irish immigrants, Brancroft officially became a town in 1999 when it merged with Dungannon Township to form the Town of Bancroft. With its stunning landscapes and friendly community, the Bancroft housing market has attracted homebuyers, as the perfect place to raise a young family or to retire.
Sitting just between Ottawa and Toronto, Bancroft is nestled in the heart of North Hastings on the Canadian Shield, serving as an oasis for those seeking ample living space – both indoors and out – and the opportunity to enjoy Canada’s natural beauty just outside their front door. Discover how the Bancroft housing market, in line with many other smaller communities across Ontario, has continued to break sales records month after month.
Sales in Bancroft Housing Market Well Above Average
A swift change in lifestyle at the beginning of 2020 was the gateway to a real estate surge across the country, with demand spiking for smaller cities and townships in Ontario. The Town of Bancroft experienced this in full, as seen in March 2021 when a new monthly sales record was set. This trend continued for the better part of 2021, however unit sales have begun to slow, slightly.
In October 2021, the MLS System of the Bancroft and Area recorded 30 unit sales, which is a slight decrease of six units (or 16.7 per cent) compared to October 2020. Not only is this lower on a year-over-year basis, but it also sits just slightly below both the five-year and 10-year averages for the month of October by 19.8 per cent and 23.3 per cent, respectively.
While unit sales were down for the month, on a year-to-date basis, this metric saw an increase when comparing the first 10 months of 2021 to 2020. As of the end of October of this year, 489 units were sold thus far in 2021 – a new record for the first 10 months of any year for the Township of Bancroft.
The real story in the Bancroft housing market is the average price of homes being sold. Compared to 2020, the MLS Home Price Index (HPI) composite/single-family benchmark price in the area was up a staggering 48.3 per cent, at $470,800. Similarly, the average price of all homes sold in October 2021 increased 33.9 per cent year-over-year. The average price of a home sold during the month was $574,563.
Prices across the Bancroft real estate market in 2021 have been steadily outpacing those of 2020, with the year-to-date average price registering at $556,251; a substantial 40.9-per-cent increase compared to the same period in 2020.
While sales have slightly declined, the increase in prices have led to the dollar value of all homes sold surpassing the levels last October. At the end of October 2021, $17.2 million dollars in home sales were tallied, an increase of 11.6 per cent over October 2020, marking a new record for the month of October.
Along with the sales volume and unit sales in the Township of Bancroft, following the general trends seen across the country, the number of new listings has also done the same. During the month of October, 39 new residential listings were placed on the market, which is a gain of 8.3 per cent over last October. While this is a slight two-per-cent decrease compared to the five-year average and a 17.7-per-cent decline from the 10-year average for October, it was not significant enough to cause any severe strain on the market.
October 2021 set a new record for the lowest number of active residential listings for the month of October since the 1980s, with just 58 units on the market at the end of the month. Active residential listings were also 47.6 per cent below the five-year average and 68.9 per cent below the 10-year average for the month. As is the case in so many real estate markets from coast to coast, supply levels are struggling to keep up with the fierce demand for homes.
What’s to Come for the Bancroft Real Estate Market?
With months of inventory in the Bancroft housing market finally starting to trend upward at the end of October 2021, there are hopes the market could be starting to moderate, which will hopefully ease some of the strain on swelling property prices. As the year closes out, demand may slightly decrease, which is typical of this time of year, and may help to return the market to more sustainable levels.