Once COVID-19 lockdowns began in March, the Sudbury housing market experienced a decrease in new buyers; only those who were already in the process of a transaction remained active. By the second week of April, activity started to resume but listing inventory remained low, cAccording to the RE/MAX Fall Market Outlook Report, resulting in multiple offer situations at almost all price points. These seller’s market conditions have continued into the summer months and are expected to continue through the fall market.

Consumer confidence remains high and the Sudbury housing market is seeing an increase in buyer interest overall. The luxury real estate market is moving faster than it has in previous years, but like single-detached homes priced below $650,000, there is little inventory in the luxury segment. Waterfront homes from $900,000 and above are also seeing multiple offers.

Based on these factors, a 10% increase in the average residential sale price is expected in the Sudbury housing market for the remainder of 2020.

Ontario Real Estate Trends

What’s been happening across other Ontario real estate markets? With the province being one of the hardest-hit regions in Canada, markets such as Niagara, Mississauga and Kitchener-Waterloo experienced significant drops in activity. However, come June, they bounced back aggressively as economies began to reopen. With all of Ontario now in phase three of re-opening and consumers more comfortable engaging in the market, market activity in Ontario is expected to remain steady in the fall, with modest price increases of up to 6% in some regions.

Canadian Housing Market Heat Map Fall 2020

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Canadian Housing Market Trends

Leading indicators from RE/MAX brokers and agents across Canada’s housing market point to a strong market for the remainder of 2020. According to the RE/MAX Fall Market Outlook Report, RE/MAX brokers suggest that the average residential sale price in Canada could increase by 4.6% during the remainder of the year. This is compared to the 3.7% increase that was predicted in late 2019.

Canadian Housing Market Data Table Fall 2020

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The pandemic has prompted many Canadians to reassess their living situations. According to a survey conducted by Leger on behalf of RE/MAX Canada, 32% of Canadians no longer want to live in large urban centres, and instead would opt for rural or suburban communities. This trend is stronger among Canadians under the age of 55 than those in the 55+ age group.

Not only are Canadians more motivated to leave cities, but changes in work and life dynamics have also shifted their needs and wants for their homes. According to the survey, 44% of Canadians would like a home with more space for personal amenities, such as a pool, balcony or a large yard.

Canadians equally split on their confidence in the housing market

Canadians are almost equally split in their confidence in Canada’s real estate market, with 39% as confident as they were prior to the pandemic, and 37% slightly less confident. When it comes to the prospect of a second wave of COVID-19, 56% of Canadians who are feeling confident in Canada’s real estate market are still likely to buy or sell.

“The classically hot spring market that was pushed to the summer months due to the COVID-19 pandemic created a surprisingly strong market across Canada and across all market segments,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Looking ahead, government financial aid programs may be coming to an end in September, which could potentially impact future activity; however, the pent-up demand and low inventory dynamic may keep prices steady and bolster activity for the remainder of 2020. Overall, we are very confident in the long-term durability of the market.” 

Additional highlights from the 2020 RE/MAX Fall Market Outlook Report Survey:

  • 48% of Canadians would like to live closer to green spaces
  • 48% of Canadians say it’s more important than ever to live in a community close to hospitals and clinics
  • 33% of Canadians would like more square footage in their home and have realized they need more space
  • 44% of Canadians want a home with more outdoor space and personal amenities (i.e. balcony, pool etc.)

About the 2020 RE/MAX Fall Market Outlook Report

The 2020 RE/MAX Fall Market Outlook Report includes data and insights supplied by RE/MAX brokerages. RE/MAX brokers and agents are surveyed on market activity and local developments.

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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.

Sudbury housing market reportFrom 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.”


Learn more about RE/MAX real estate franchise opportunities in Ontario-Atlantic Region and Western Canada.