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The north-eastern Ontario city of Sudbury may be the ideal investment you are looking for. With the largest population and land mass within the area, there are many reasons why you should invest in the Sudbury real estate market. Research prices in Sudbury to learn more.
Sudbury to favour sellers in the upcoming years
Sudbury Real Estate Board (SREB) data show that Sudbury is becoming a fast-growing real estate market. In Sudbury, residential property sales have grown at an annual rate of 0.9% in February, representing a new sales record for the month. Sudbury is making considerable investments in the construction, health, retail, and education industries. The city's expansion will lead to job diversity, keeping those born there or attracting newcomers to live here.
But as soon as the sales activity went up, so did housing prices. According to SREB, the average home price surged 39.4% yearly to $524,787, the primary factor being the low supply levels failing to keep up with buyers' demand.
However, the Sudbury real estate market shows no signs of slowing down, simply because the housing prices are significantly lower than in other major Canadian cities, including Toronto, Hamilton, Vancouver, and Ottawa.
Moreover, buyers are slowly accelerating the local market activity as they look for square footage and greenspace outside urban areas. This trend is familiar across many Canadian housing markets due to less density, the rise in remote work, and lower housing prices.
The hottest neighbourhoods in Sudbury
The three neighbourhoods in Sudbury in the highest demand are South End, Valley East, and North End, recording the highest number of sales in the past few years. However, the most livable neighbourhoods are McCrea Heights, Copper Cliff, and Coniston.
When it comes to the most popular properties, single-detached houses across Sudbury's outlying areas with ample outdoor space continue to be the best sellers.
Regarding the new-construction front, inventory is falling short of demand than in the past years. However, Sudbury remains an attractive market because of its affordability and sustainability. In fact, the city has been ranked as one of the most affordable real estate markets in Ontario.
If you are on the hunt for a bargain, investing in Sudbury, Canada, would be in your best interest. You may increase your return on investment since demand will most likely rise there.
Sudbury rental properties
Most people move to Sudbury and rent properties, such as students who flock to the city to attend institutions such as the University of Sudbury, Cambrian College, or Laurentian University. The average price has increased by 5.6%, reaching $1,024 this year. This led to considerable rental growth, making it more difficult for students to find the condo or house they need.
Bottom line
If you are considering investing in the Sudbury real estate market, the right time would be now. Besides being the biggest city in Northern Ontario (and second largest in Canada), Sudbury is one of the best cities to invest in and live.
Additionally, the city is experiencing exciting developments, an education hub, and expanding industries (retail trade, business services, health care, social services, agriculture), offering a combination of rural and living while remaining an affordable option.
There are many real estate investing strategies; whether you buy and hold, rent properties, or joint venture, your investments will be worth the money.