Seller’s market conditions expected, prices to rise 2%
The Sudbury housing market will favour home sellers in 2020, mirroring conditions that characterized 2019 housing market activity as well. RE/MAX is attributing this trend to the current shortage in listings, which is expected to continue. Sales will see a slight increase over the next 12 months, as Sudbury remains a steady market, with average residential sale price expected to rise by two per cent.
Housing affordability in the region continues to attract younger homebuyers in search of affordably priced detached properties. The new year will also see continued high demand for townhome condos, which are being designed for and purchased by empty nesters.
The top neighbourhoods to watch in in 2020 Sudbury for sales include the city’s north end and New Sudbury. First-time buyers and move-over buyers drove demand in 2019 and will continue to propel the market in 2020 as well.
From a national perspective, RE/MAX anticipates a leveling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Vancouver and Toronto, as we move into 2020. Healthy price increases are expected, with an estimated 3.7-per-cent increase in the average national residential sales price, according to the RE/MAX 2020 Housing Market Outlook Report.
Most individual markets surveyed across Canada experienced moderate price increases year-over-year from 2018 to 2019. However, some regions in Ontario continue to experience higher-than-normal gains, including London (+10.7 per cent), Windsor (+11 per cent), Ottawa (+11.7 per cent) and Niagara (+12.9 per cent).
“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions seeing double-digit gains,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.”
Click to read the full RE/MAX 2020 Housing Market Outlook Report.