Forecast for 2024 predicts drop in home prices in the Sault, seller’s market in Sudbury
RE/MAX is forecasting a mixed bag in 2024 in northern Ontario, with some areas seeing rising prices while others will see the average cost of a home decline.
Greater Sudbury is expected to be a seller’s market next year, with the average sale price of a home around $533,737, an increase of four per cent compared to 2023.
The hottest area will remain the city’s South End, RE/MAX said, with single-detached houses being the biggest seller.
Entry-level homes will sell for $350,000 to $500,000.
“In 2024, the top three neighbourhoods in Sudbury likely to be the most desirable include South End, Hospital Area and New Sudbury due to their walkability, amenities as well as proximity to hospitals and Laurentian University,” the report said.
“Livability trends emerging in this region include access to health and recreational services, larger lots, and public greenspace for parks and recreational activities.”
Marissa Arnold, broker of record/owner of RE/MAX Crown Realty, said outside buyers are keeping prices high, particularly for rentals.
“We’re seeing many investors outside of Sudbury coming in and buying up single-detached homes and condominiums to use as investment properties, and it’s putting additional pressure on the market’s already low on inventory,” Arnold said in the report.
“This practice is making it more difficult for local renters and first-time homebuyers and has contributed to our low inventory across property types, increased rental prices despite low vacancy rates.”
OUTSIDE BUYERS
Other factors driving up prices are wealth investors from the GTA buying up waterfront properties and “new construction projects and builds are slowing due to rising interest rates and existing municipal development charges increasing the cost of construction.”
Sault Ste. Marie is expected to be a buyer’s market next year. Home prices are expected to dip by 7.5 per cent in 2024, with overall home sales dropping by 15 per cent.
North Bay is also expected to be a buyer’s market. Prices are expected to remain the same, with the average home price at $434,940.
Read the full report here.
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