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Current Market Snapshot

A Seller's Edge

Recent data from the Sudbury Real Estate Board paints a clear picture of a market with strong demand and rising values. As of May 2025, the average price of a home sold in Greater Sudbury reached a record high of $535,508, a notable 9.3% increase from May of last year.

Key statistics from May 2025 include:

  • MLS® Home Price Index (HPI): The composite benchmark price, a more accurate measure of price trends, was $509,900, up 6.6% year-over-year.
  • Home Sales: While sales were robust, they saw a slight decrease of 4.1% compared to the same month in 2024, with 278 units sold.
  • Inventory: Active listings were down 5.1% from last year, with 633 units on the market. With only 2.3 months of inventory, the market is favoring sellers.

These figures indicate a competitive landscape for buyers, with well-priced homes moving quickly.

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Hotspots in sudbury

Where Buyers Are Looking

Certain neighborhoods in Greater Sudbury continue to be high-demand areas, attracting a range of homebuyers from first-timers to growing families. The most sought-after communities include:

  • The South End: Known for its family-friendly atmosphere, excellent schools, and proximity to amenities, the South End remains a top choice.
  • New Sudbury: As a major commercial hub, this area offers convenience with a variety of shopping and entertainment options, making it ideal for busy professionals and families.
  • Minnow Lake: Offering a blend of suburban and natural appeal with its scenic views and access to outdoor activities, Minnow Lake attracts those who appreciate a bit more tranquility.
  • Valley East: This area is particularly popular with first-time buyers, offering more affordable, move-in-ready homes.
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Buying:

  • Housing Accelerator Fund Impact: Federal funding ($16M+) aims to speed up housing development (e.g., "four units as-of-right") potentially increasing supply and easing prices.
  • "Area Rating" for Taxes: Your property taxes vary by location in Sudbury due to specific Fire and Transit service levels, directly impacting your monthly mortgage escrow.
  • Unique Financing: Local programs like "Assisted Purchase" can help buyers with lower down payments (e.g., 5%) or less-than-perfect credit.
  • "Good Basement" Factor: Due to local geology, a dry, well-maintained basement is a highly valued and often highlighted feature when buying older Sudbury homes.
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Selling:

  • Variable Commission Rates: Real estate commission rates in Sudbury can range widely (e.g., 3-7%), so sellers should negotiate and compare services.
  • Highlight the Land: With ample space, showcasing large lots or acreage is a major selling point for many properties outside the core.
  • Mining Legacy Nuance: Sudbury's mining history can be a unique selling point for some, or a consideration for others, depending on the buyer's perspective.
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Renting:

  • STR Permits/Taxes: As of 2025, Short-Term Rentals (e.g., Airbnb) in Sudbury require a city permit and are subject to a 6% Municipal Accommodation Tax (MAT).
  • Rising Rents: Average rents in Sudbury are consistently increasing (e.g., ~$1,883/month for a 1-bed as of June 2025), reflecting a tightening market.
  • Student Sub-Market: Laurentian and Cambrian colleges create a significant demand for student rentals, influencing specific neighbourhood dynamics.
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Mortgage:

  • Pre-Approval is Even More Crucial in Sudbury's Competitive Market? With low active listings (633 units in May 2025) and homes selling relatively quickly (median 13-20 days on market), having a mortgage pre-approval from a local lender or broker gives you a significant edge. It shows sellers you're a serious buyer, ready to act fast.
  • Fixed vs. Variable Choices Are Highly Relevant to Sudbury's Economic Forecast? As of June 2025, the Bank of Canada held its rate at 2.75%, but future cuts are anticipated. A local mortgage broker can help you weigh if a fixed rate (e.g., 3.84% for 5-year fixed) for stability or a variable rate (e.g., 3.95% for 5-year variable) for potential savings is better for your Sudbury financial situation. The threat of U.S. tariffs and their impact on the Canadian economy are also being factored into rate predictions.
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