Sudbury’s Real Estate Market Gleans Stability Amid Steep Interest Rates

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Despite steep interest rates, Sudbury and its surrounding regions continue to contend with a sellers’ market in the realm of home sales. A recent fall outlook from a prominent real estate company underscores the issue, suggesting that there remains a shortage of properties to meet the overwhelming demand from buyers.

Marissa Arnold, owner of RE/MAX Crown Royalty, has observed that despite past turbulence, the marketplace seems to be regaining its stability. “We’re transitioning into a slightly more stable phase, which is a welcomed relief,” stated Arnold. She went on to explain, “It’s still very much a seller’s market, but buyers are beginning to find it a shade easier.”

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The RE/MAX outlook indicates that 33 percent of Canadians interested in either buying or selling a property intend to wait and watch how interest rates fluctuate over the next year. Adam Haight, the president of the Sudbury Real Estate Board, suggested that new construction might help facilitate a more balanced ratio between supply and demand locally.

Arguing against the likelihood of extreme fluctuations in the local market, Haight commented, “Our economic diversity protects us from adopting a ‘boom-and-bust’ personality as a town. Though such trends may be observed in larger markets, we’ve proven capable of maintaining stability. Hopefully, this will usher in a greater equilibrium in the market.”

In a regional context, around 55 percent of the homes are being sold at or above the listed price, signifying a marked improvement from the zenith of the seller’s market in the summer of 2021.

“In Sudbury, the average house price has been delicately poised under the $500,000 mark at approximately $473,000,” added Arnold. Haight chimed in with, “Competitive bidding instances have dwindled to situations where we’d see three or four offers, instead of the former 10 to 15. Consequently, houses are no longer soaring $100,000 above the listed price as frequently as observed in past years.”

While the statistics indicate a rising number of individuals adjusting their purchasing plans in light of the scant inventory, Haight did offer some advice for prospective entrants to the housing market. He asserted, “It’s an opportune time to sell your property. And for prospective buyers, the recent hold on interest rates presents a favourable opportunity to step into the market.”