Home prices in Sudbury continue upward trend

Home prices in Sudbury have increased in the past year, according to the local real estate board.

Amanda Denis, president of the Sudbury Real Estate Board, said that the Canadian Real Estate Associations' Home Price Index shows that the price of single-family homes increased 14 per cent in the last year.

"I think we're playing catch up still," Denis said.

"During COVID, we saw a lot of people moving into Sudbury and we're seeing a lot of international buyers coming into the market we haven’t seen before. We're seeing students and parents purchasing properties."

In January 2023, the city had an average house price of roughly $390,000, which jumped to $437,000 in January 2024.

Denis said there was increased interest in specific types of properties, like rural, waterfront and multi-residential. A lot of buyers are from southern Ontario.

Home prices in Sudbury have increased in the past year, according to the local real estate board. (File)

"Those have definitely jumped up a lot more,” she said.

“We were on the lower end and now we're seeing them go up quite a bit."

The market has been especially tough on first-time home buyers, Denis added.

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"(First-timers) are having a really tough time getting into the market and they're relying on the bank of mom and dad, using co-signers and all that," she said.

"People are in a hurry because they feel if they don’t buy now when will they be able to buy if prices keep going up as they are."

Denis expects the market will be busy this summer, especially if interest rates drop. However, for those unable to get into the market in the next few months, she said to not be discouraged.

"The alternative is to wait until the winter season when things calm down a bit," Denis said.