Market has cooled, but it’s still a seller’s real estate market in Greater Sudbury

In spite of high interest rates, it’s still a seller’s market in Sudbury and area when it comes to home sales.

A new fall outlook from a major real estate firm suggests there are still not enough properties for sale to meet buyer demand.

Marissa Arnold, owner RE/MAX Crown Royalty, said after some turbulence, the market has settled down.

“We’re coming into a little bit more of a stable period right now, which is really, really nice,” Arnold said.

“It is still very much a seller’s market but buyers are having a little bit of an easier time.”

According to the RE/MAX outlook, – 33 per cent of Canadians interested in buying or selling a home intend on waiting to see how interest rates will change in the coming 12 months.

Sudbury Real Estate Board president Adam Haight said new construction would also help balance supply and demand locally.

“We’re not really a boom-and-bust kinda’ town just because of our economic diversity,” Haight said.

“Whereas you might see it in some of the larger markets, here we’ve been able to hold steady. So hopefully that will start to balance out the market a bit more.”

Regionally, around 55 per cent of homes are being sold at or higher than the listing price, which is still a vast improvement compared to the peak of the seller’s market in summer 2021.

COMPETING OFFERS

“In Sudbury, in town, the average price of a house is just hovering underneath that $500,000 mark, at about $473,000 for an average house in Sudbury,” Arnold said.

“Sometimes we’re getting competing offers where we’d see three or four (offers) as opposed to 10 to 15,” Haight added.

“So we’re not seeing those properties go $100,000 over list price, as much as we did a couple of years ago.”

• Download the CTV News app now and get local alerts on your device
• Get local breaking news and updates sent to your email inbox

Although the numbers suggest a growing number of residents are changing their purchasing plans due to the lack of inventory, Haight has some advice for people who are considering entering the housing market.

“It’s a great time to sell your property and for buyer side, I still think there (are) benefits, especially with the rate hold that just happened to get into the market,” he said.