With less new home construction, and higher average house prices, Sudbury real estate is one of the hottest markets in Canada. However, this growth has not come without its challenges. In June of 2021, the Bank of England released data showing that London home sales dropped five percent in July compared to the same month a year ago. Although analysts attribute the drop to high mortgage rates, it may also be tied to the financial crisis throughout the world, and higher spending by families rather than buying new homes. In July, just over 1,500 homes were sold in Sudbury, with more homes under contract than sold during the same month last year.
Commercial real estate in Sudbury includes apartment buildings, townhouses, single-family houses, and vacant land. Many investors and homeowners are flocking to this area due to the low cost of living, as well as the amenities available. Developers are starting to build more residential units in an effort to meet demand and stimulate the economy. Realtors say that houses are still selling between three to five percent higher than what they’re listed for. Tyler Perrin, chair of the Sudbury Real Estate Board said that recent increases in the market have been significant, particularly in terms of new homes and condominiums being built.
The demand for housing is resulting in higher prices of land for developers to build on. The demand for real estate in Sudbury is even higher because of the city’s closeness to Toronto, Niagara Falls, Niagara Toronto, and Kitchener. This proximity makes for easier shipping of goods, and easier access to job opportunities and cultural venues in Toronto and Niagara Falls. The proximity also means that Sudbury is close enough to both of these cities to have easy access to Toronto in case residents would like to live there. In addition, more businesses are starting up in this part of Canada that require workers with professional credentials who can commute to Toronto. These workers will need a place to live so that they can live in comfort and continue working throughout the day while receiving good health benefits and paid time off.
Homebuyers and investors can take advantage of low prices by purchasing homes at the right price point, according to their own personal needs. Sudbury Realty is an expert in finding the right homebuyer and investor. Their team of brokers and salespeople work closely with each customer to find the right property. They work closely with financing companies to ensure the best deals on homes and in Sudbury real estate. With Sudbury Realty’s skilled team, homebuyers and investors can receive affordable and attractive rates on their purchase from top real estate developers in this area.
The city of Sudbury is located on the Niagara River and is surrounded by several quaint villages and townships. Some of the important real estate developments in Sudbury include the cities of Newmarket and Kitchener. Newmarket is one of Canada’s premier communities for families with babies and young children. This popular community offers great schools, shopping, restaurants and entertainment options. Homes in Newmarket are in demand as it is the location of both an NFL football franchise and an arena that regularly holds concerts and events.
Living in Newmarket is an ideal choice for people who enjoy living close to home and the cultural offerings. Homes in Newmarket are built in modern styles and have extra features such as hardwood floors, gated entrances, and landscaping. If you’re looking for luxury, then the homes in Newmarket will meet your needs. Homes in the area are extremely desirable due to the influx of newcomers to Canada. In addition, real estate in Sudbury is often sold below market value, making it an excellent investment.
Sudbury real estate also features excellent schools and colleges. With two major schools and more than a dozen community colleges within a 2 hour drive, it is easy to find a school that will fit your family’s needs. The University of Sudbury is located in Sudbury and is ranked high amongst North American colleges. With many job opportunities available to you and your family, it’s easy to see why so many homebuyers choose this city as their new home.
For Sudbury homebuyers, it’s important to remember that prices are lower than most areas. With less demand and a slow market, you could pay thousands less than you would in other parts of Canada. Make sure to check out the deals and make an offer quickly. Keep in mind that homes will not sell fast so do not be surprised if you are not able to purchase your new home in just a few weeks. However, with this great economy, homebuyers have the opportunity to own their new home sooner than later.