Sudbury real estate continues to be a sellers’ market
Real estate in Sudbury is still a seller's market right now and has been since the beginning of the COVID-19 pandemic.
Realtors say properties are still selling between three and five per cent higher than what they are listed for.
Tyler Peroni, chair of the Sudbury Real Estate Board, said realtors have seen significant changes in the market in the past year and a half, including the price of houses.
“At the beginning of the year anywhere from $50,000 to $100,000 was the norm to bid on a property,” said Peroni. “Now we’re seeing that decrease a little bit but depending on the property you can still see anywhere from $50,000 to $100,000 and sometimes over that.”
Peroni said when it comes to putting a bid in on a house, buyers have to act fast or they might miss out.
"Previous to COVID, you could show them five to 10 to 15 properties and they could have their choice on what one they wanted to bid on," he said.
"Now we’re trying to get them into a house as quickly as possible but at the same time you might have to bid on five to 10 properties before you actually get one.”
Long-time Sudburians Kaitlin Sheridan and her husband recently bought their third home, only this time around they had to offer a lot more than ever before.
“Even three years ago, when we bought our second home we thought was pretty exceptional even offering asking price," said Sheridan. "Now hearing that homes are going for well over $100,000 over, which was the case with our home, as well.”
She said buying a home during the pandemic does add more stress.
“Pre-pandemic you could do an open house, just walk through, you had time to think, and reflect before you acted on this really big purchase and now there’s this sense of urgency,” said Sheridan. “Everything is pre-booked in 30-minute time slots so you have 30 minutes to make the biggest decision of your life -- and that’s stressful.”
Peroni said since January, the Sudbury Real Estate Board has seen a total of 2,600 listings in the area, which is up by 400 compared to 2020.
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.