The uncertain economy over the last few months has had a drastic effect on the real estate market, which has seen local listings reduced by 1% a month for the past seven or eight months, said David Nicholls, broker and owner of Prudential Lifestyles Real Estate on Coldwater Street.
The market is also seeing a large reduction in the number of sales.
The real estate market has been troubled to say the least, Nicholls said. "You get dressed every day, you come to work and there's just not a lot happening. It's been difficult for a lot for real estate people."
From 2005 to 2006, the average prices in the Orillia area increased by 4% to $240,519. In 2007, the average building sold for $258,718, an increase of 7.5% from the year before. The year 2008 saw an increase of only $97 to reach an average cost of $25,8815.
