As buyers search for their perfect home, some are looking to northern Ontario to see if they can scoop up a property at an affordable price. It’s no wonder many are setting their sights on Sudbury, which has the largest population of any city in northern Ontario and continues to develop in exciting ways.
While it’s located almost four hours north of Toronto, Sudbury could be a real estate market to watch for those willing to travel.
Here are a few things to know about the Sudbury housing market:
Livability in Sudbury
Sudbury is referred to as the “nickel city” based on the region’s longtime history with the mining industry. However, it has since expanded its other industries such as retail, health, education and more, helping people with diverse employment find job opportunities here. Sudbury is also considered an important education hub for post-secondary students.
This northern city is making important strides to attract young homebuyers to the area. Developing green spaces, building cultural centres and other sustainability initiatives will continue to make Sudbury more appealing to homebuyers over the next three to five years. For active individuals, residents enjoy hundreds of lakes and scenic wilderness trails.
Homebuyers – especially first-time buyers – who find themselves priced out of the Greater Toronto Area are expanding their search parameters in search of affordability. As a result, they may turn their attention to markets like Sudbury, which provides many the opportunity to secure a spacious property at the right price.
Sudbury Before COVID-19
If we look back to before the coronavirus outbreak, reports indicated that the Sudbury housing market was steady. Popular neighbourhoods such as South End and New Sudbury continued to see traction.
Prior to the pandemic, RE/MAX expected average sale prices in Sudbury to increase by two per cent in 2020. The average house price in Sudbury was $289,500 (Jan-Oct 2019), a bargain compared to markets in southern Ontario.
The Canadian Real Estate Association (CREA) reported Sudbury’s average home selling price in March 2020 was a record $319,860, up 21.7 per cent year-over-year. Meanwhile, new listings were down 4.1 per cent year-over-year. This echoes a similar narrative of low housing supply reported in many of Canada’s key housing markets.
According to CREA’s market report, supply levels have been on a steady decline since early 2015 – conditions that have accelerated their decline starting in 2018. March 2020 had 2.7 months of inventory, down from four months at this same time last year and well below the long-term March average of 5.5 months.
Sudbury Market Now
Unemployment rates are likely to be a factor for those considering buying Sudbury real estate. The unemployment rate in this city was 8.4% in May 2020, with job losses occurring mostly in the information and culture services, and in the accommodation and food service industries.
Homebuyers who are still in the market will enjoy the advantage of Sudbury’s affordability along with the current low interest rate. The Bank of Canada slashed the benchmark rate to 0.25 per cent in early March. While, job security may be uncertain for some Sudbury remains a relatively affordable place to live.
Sudbury is growing, and increasing livability could draw more people into this market, now and in the future.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
