File photo courtesy of (Photo by © Can Stock Photo / Feverpitched) File photo courtesy of (Photo by © Can Stock Photo / Feverpitched)
Chatham

Steady stream of out of town buyers eye CK real estate market

The Chatham-Kent Association of Realtors is reporting that many clients from out of town are flocking to Chatham-Kent to buy homes.

Association President Laura Tourangeau said 33 per cent of recent buyers are from out of town -- mostly from the Toronto area. Tourangeau said that influx started out with people looking to retire coming to snap up houses in the area because they're affordable and spacious but now it has shifted to more families who are wanting to get out of the city looking for a different lifestyle.

"They get more space and it's a different lifestyle for them than the hustle and bustle of the city and they appreciate that space more now because of COVID," said Tourangeau. "It's been a change for everyone."

She added the trend has been increasing steadily for a few years and doesn't expect it to slow down anytime soon with the very attractive and low interest rates currently. Tourangeau said even buyers who think real estate prices are high are still getting into the market because of the low interest rates. She said working from home has been a factor lately with the COVID-19 pandemic a month away from hitting the one year mark.

"It's been the last few years because of affordability we've been seeing an influx of buyers from out of town but with the COVID situation in the last year, it's been amplified," said Tourangeau. "Even investors are being priced out of the market in the GTA and they're coming down here because of affordability."

Tourangeau said she personally had a client from the Toronto area looking to buy a townhouse not too long ago and quickly discovered they could buy a detached home instead because it was within their price range. She added it's not just houses that out of town clients are looking for, they're also interested in commercial properties because their dollar can be stretched farther.

Chatham-Kent realtors set a new sales record for the month of January. The association said the average price of homes sold last month was a record $350,452, a jump of 42.4 per cent from January 2020.

Read More Local Stories