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orthern Ontario's real estate brokers are sounding the alarm on a housing crisis that shows no signs of relief. A lack of new housing is forcing seniors to stay in their homes longer, making it tough for first-time buyers to get into the market. Gary Trembinski, president of the Sault Ste. Marie Real Estate Board, says prices are "skyrocketing" due to a shortage of affordable housing stock.

    As older people can't afford to move out, the available housing supply dwindles, driving up prices and making it difficult for young families and single-income households to make mortgage payments on average-priced homes of $350,000. Trembinski notes that home builders are focusing on higher-end homes due to their profitability, while the more affordable three-bedroom bungalows that are the "bread-and-butter" of many cities continue to age and become more expensive to repair.

    In Temiskaming, broker Jada Miller says there's a lack of new housing being built to meet demand, leading to long wait lists for seniors who need downsizing options. This stagnates the market, preventing buyers from having choices. While politicians have proposed remedies, Miller hasn't seen results yet. In Sudbury, real estate board chair Amanda Denis reports that the average sale price hit $441,000 last month, with first-time homebuyers struggling to enter the market due to a lack of mid-range housing.

    Denis expects further government intervention will be necessary before the crisis eases, as it's not just one issue but many factors that haven't been addressed for a long time.