DID YOU KNOW...?

DID YOU KNOW...? | BUYING IN SUDBURY

• The Housing Accelerator Fund is Changing the Game? The City of Greater Sudbury is receiving over $16 million in federal funding to fast-track the development of nearly 500 new housing units. A key part of this plan is allowing "four units as-of-right" on residential lots, which aims to increase housing density and supply. For buyers, this could mean more diverse housing options (like duplexes and fourplexes) and potentially more stable pricing in the coming years.

• Your Property Taxes are Location-Specific due to "Area Rating"? In Greater Sudbury, your property tax bill isn't just based on your home's assessed value. It's also determined by "area rating," which adjusts the rate based on the specific Fire and Transit services your neighbourhood receives. This directly impacts the amount your lender will collect for monthly mortgage escrow, so a home in one area could have noticeably different carrying costs than a similar home elsewhere.

• Local Programs Can Boost Your Down Payment? Beyond the national Home Buyers' Plan (HBP), the City of Greater Sudbury offers an Affordable Homeownership Program. This provides an interest-free, forgivable loan to eligible low-to-moderate-income residents to help with their down payment, making it possible for more people to enter the market.

• The "Good Basement" Factor is a Serious Sudbury Consideration? Thanks to the region's unique geology and a housing stock with many older homes, the condition of a basement is paramount. A dry, solid foundation without cracks or signs of water infiltration (efflorescence) is a massive asset. Conversely, buyers should be extra vigilant during inspections, as foundation repairs can be a significant hidden cost.

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DID YOU KNOW...? | SELLING YOUR SUDBURY HOME

• Real Estate Commission Rates Are Negotiable? While a "typical" commission in Ontario might be around 5%, rates in Sudbury are not fixed and can be negotiated. Sellers should interview multiple agents to compare their fee structures, marketing plans, and services to ensure they are getting the best value. Don't be afraid to ask for a breakdown of how the commission is split.

• Highlighting "The Land" is a Major Selling Point? Sudbury's appeal often lies in its natural surroundings. For properties outside the urban core, showcasing a large lot, surrounding acreage, lake access, or proximity to trails can be just as important as the house itself. In a market that values space and privacy, your land is a key asset.

• The City's Mining Legacy Can Be a Unique Selling Nuance? Sudbury's world-renowned mining history is a core part of its identity. For some buyers, particularly those moving for industry-related work, living in a community with this rich heritage is a plus. For others, proximity to active or historical mining sites might raise questions. A knowledgeable seller's agent can frame this history effectively.

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DID YOU KNOW...? | RENTING IN THE STAR CITY

• Short-Term Rentals (like Airbnb) Are Regulated and Taxed? If you're thinking of renting out a room or property on a short-term basis (less than 30 days), be aware that as of 2025, you need a permit from the city. Furthermore, all short-term rental stays are subject to a 6% Municipal Accommodation Tax (MAT), which must be collected and remitted.

• Rents are on a Steady Incline? The rental market in Sudbury is tightening. As of June 2025, the average rent for a one-bedroom apartment is approximately $1,883 per month, a year-over-year increase of over 5%. This reflects a growing demand that is currently outpacing supply.

• The Student Market Creates its Own Micro-Economy? With thousands of students attending Cambrian College and Laurentian University, a significant student rental sub-market exists. This creates high demand and specific seasonal cycles in neighbourhoods near the institutions, like the South End and New Sudbury, influencing rental rates and property values.

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DID YOU KNOW...? | SECURING A MORTGAGE

• Pre-Approval is Crucial in Sudbury's Fast-Paced Market? With homes selling in a median of just 22 days on the market (as of late May/June 2025), competition is stiff. Having a mortgage pre-approval from a local lender or broker is no longer just an advantage; it's practically a necessity. It proves to sellers that you are a serious, financially prepared buyer who can close a deal quickly.

• Fixed vs. Variable Rate Decisions are Tied to Economic Forecasts? In June 2025, the Bank of Canada is holding its key interest rate at 2.75%, with anticipation of future cuts. This makes the choice between a mortgage rate type particularly relevant. A local mortgage broker can help you analyze if a stable 5-year fixed rate (around 3.84% - 4.49%) is better for your budget, or if you're comfortable with a 5-year variable rate (around 3.95% - 4.55%) to potentially capitalize on falling rates. They can also discuss how external factors, like potential U.S. tariffs, might influence the Canadian economy and your mortgage strategy.

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