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Canadian Real Estate: Sudbury Housing Market Update – RE/MAX Canada – RE/MAX News

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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.

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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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.

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Here are some facts about British Columbia’s housing market

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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.

The Canadian Press. All rights reserved.

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