Preliminary work underway at site of new $2.2-billion polyethylene plant in St. Clair Township Dec. 8, 2017 (BlackburnNews.com photo)

NOVA Expansion Influencing Real Estate Market

Price speculation following NOVA Chemicals $2.2-billion polyethylene project announcement late last year, is believed to be influencing Sarnia Lambton’s real estate market.

Board Vice President Donna Mathewson thinks people are holding off listing their homes, to watch the market.

Sarnia Lambton Real Estate Board Vice President Donna Mathewson. February 2018 (Photo by Melanie Irwin)

Sarnia Lambton Real Estate Board Vice President Donna Mathewson. February 2018 (Photo by Melanie Irwin)

“The NOVA announcement came out in December, and as much as it’s going to be fantastic for the local economy and the community, as far as how many homes are going to be purchased because of that announcement… I don’t think it’s going to be as great as what a lot of people expected,” says Mathewson. “So we’re really hoping that people will look at listing their homes now, because now is a really good time, there is really low competition, and we can get back to being a more balanced market.”

The number of sales in February were down 27% compared to the same month last year, with just 103 properties worth nearly $29.7-million being sold.

The highest number of residential sales was 20 in the $150,000 to $200,000 price range.

Mathewson says MLS listings remain a concern, down 26%.

“Because we don’t have as many listings on the market, then our sales are obviously going to be down. So, if we can get more listings coming on the market, which hopefully will happen in the spring, then we should hopefully see that turnaround,” she says.

There are currently 157 active listings in the MLS system with 143 of those being single family homes, 127 which were new in February.

The average sale price so far this year is $291,000.