Average house price in Sudbury, Ont. drops slightly to $480K, according to Re/Max

The average house sale price in Sudbury, Ont. fell by 3.8 per cent this year, according to the latest fall market outlook from Re/Max Canada.

From Jan. 1 to July 31, 2022, the average sale price for a home in Sudbury was $500,290, according to the real estate company. For the same period this year, that average price dropped to $481,317.

But Re/Max expects prices to rebound by five per cent later this year, to an average of $505,383.

"Sudbury had a big jump up in price during COVID," said Re/Max Canada President Christopher Alexander.

"It's still an affordable city and throughout the the rate increase cycle over the last 18 months, affordability's been the name of the game."

In the Greater Toronto Area, for example, Re/Max says the average sale price for a home is more than $1.1 million this year.

But Sudbury remains higher than other parts of northern Ontario, including Thunder Bay, where the average is $342,933 and North Bay, with an average sale price of $445,194 in 2023.

Marissa Arnold, a broker with Re/Max Crown Realty in Sudbury, prices have remained relatively stable in Sudbury, especially compared to more expensive housing markets.

But Arnold said the biggest factor for rising prices in Sudbury, and the rest of Canada, is a lack of available housing stock.

"The real problem in Canada is housing supply. It has nothing to do with interest rates," she said.

Arnold said the vacancy rate in Sudbury is under two per cent this year, and builders aren't building enough new homes to meet demand.

"The municipal and the provincial government have to make it easier for builders to build," she said.

"For a builder to build a brand new home, before getting a shovel in the ground is at least a year and several tens of thousands of dollars. So I think politically, it needs to become easier for builders to want to build in this market."