There are many great reasons why you should consider moving or investing in Sudbury. Home to a diverse community, Sudbury has a strong economy and solid healthcare and education systems.
If you want to move to this vibrant city, Sudbury real estate listings show that as of May 2022, the median price for homes was $1.1 million.
On average, the homes listed in Sudbury sell for 14 days on the real estate market compared to 15 days in 2021.
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A Period of Economic Growth in Sudbury
Prosperity, diversity, and local economic growth have always been a priority for Sudbury, and it continues to be supported through local business, development, and entrepreneurship.
According to the Statistics Canada Census, the city’s population has increased by 2.8% from 2016 to 2021. Occupied household counts increased by 3.4%, from 68,152 in 2016 to almost 71,500 in 2021.
Sudbury has had one of the most significant increases in population in years, meaning that more and more people consider the city a great place to live and invest.
As a result, increases were also seen in the real estate industry, where the number of new residential units has grown 67% from 2019 to 2020, remaining just as robust as today.
Building permits have also contributed to housing opportunities for the growing population, registering a record high value of permits at $324.2 million in 2020 and $290.2 million in 2021.
These remain some of the highest values in northern Ontario.
Due to its thriving and solid economy, Sudbury is where people want to move, live, work, and do business.
Finally, the Ontario government has provided more than $3.6 million to 13 economic development projects in Sudbury.
Ontario’s strengthening of the economic development in the region will help Sudbury create great-paying jobs, improve quality of life, and boost economic growth.
Sudbury’s Economic Recovery Strategy Plan
Sudbury is considered one of the best cities to live in Northern Ontario. It’s also the biggest, with an incredible combination of urban and rural in one vibrant location.
The city attracts real estate investors due to its economic growth and diversity, the result of the Economic Recovery Strategy Plan.
As part of their economic recovery plan, Sudbury’s council has approved a Community Improvement Plan to replace the current downtown city and town center CIPs.
There will be ongoing initiatives in 2022 and 2023 to expedite the development approval process. This includes improved infrastructure data, online building permitting, and a more straightforward policy framework.
Undoubtedly, Sudbury is an up-and-coming economic market in Canada, with people being tempted to move in and buy real estate.
Since the financial plan, 141 individuals have been approved, resulting in 316 new residents in Sudbury. Additionally, other sectors continue to recover, including arts and culture.
The Real Estate Market in Sudbury
The real estate market in Sudbury remains well above average, with houses more affordable compared to other significant Canadian cities.
According to the Sudbury Real Estate Board, the average price of homes sold was $458,144 in January 2022, increasing by 29.7% from January 2021. The number is far lower than the national average of $750,000.
Sudbury’s real estate market is one to watch in the coming years due to its affordable prices, developments, and increased livability.
While you may not yet consider purchasing a condo or home in Sudbury, experts think it could be an excellent investment.
If you want to buy a property in Sudbury, the best neighborhoods are McCrea Heights, Coniston, and Copper Cliff.
Buying a home in these areas may increase your return on investment (ROI) because demand is higher in those neighborhoods.
Moreover, Sudbury is an attractive real estate market due to its affordable prices compared to other cities in Ontario.
While Toronto is still a desirable market for home investing, people are reconsidering their purchasing choices, looking for more affordable regions.
As one of Ontario’s cheapest real estate markets, Sudbury is slowly turning into the hottest city for real estate investors.
Wrapping It Up
If you want to invest in the Sudbury real estate market, now is the right time. Affordability remains the most attractive factor for investors.
If you choose to rent your home, you will most likely attract tenants due to low vacancy rates, and you may be able to earn a solid ROI.
With so many different real estate investing strategies, you can rest assured that investing in Sudbury won’t disappoint you.
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