Chatham-Kent’s March home sales have fallen to their lowest level in a decade amid worries over U.S.-imposed tariffs.
According to the Chatham-Kent Association of Realtors, 91 homes changed hands last month, a sharp 14.2 per cent decline compared to March of 2024. Home sales were 27.3 per cent below the five-year average and 23 per cent below the 10-year average for the month of March.
Association President Barbara McCaughrin cited uncertainty ahead of President Donald Trump’s April 2 tariff announcement as the cause of the decline.
“Potential buyers may hold back to see what impact this has on employment in the months ahead before committing to a purchase,” she said.
While sales are down, sellers continue to list their homes with 247 new residential units listed for sale in March 2025, 9.3 per cent higher than the same time last year. This was the largest number of new listings added in the month of March in more than 10 years.
There were 412 homes on the market at the end of last month, 4.8 per cent more than in March 2024.
The average price of homes sold in March 2025 was $420,299, a small gain of 3.2 per cent from last year.