Sudbury homes more affordable than rest of province

Sudbury appears to be bucking the national trend when it comes to housing affordability, according to an analyst with the Canadian Mortgage and Housing Corporation.

CMHC says average home prices in Sudbury lower than Ontario average

People walk past new homes that are for sale in Oakville, Ont. As home prices continue to rise across Canada, housing remains affordable in Sudbury, according to an analyst at the Canadian Mortgage and Housing Corporation. T (Nathan Denette/Canadian Press)

Sudbury appears to be bucking the national trend when it comes to housing affordability, according to an analyst with the Canadian Mortgage and Housing Corporation.

The Royal Bank released a report this week stating that due to higher prices and increases in mortgage rates, home ownership across the country is becoming less affordable.

So that means that with almost the same income, somebody is in a better position to afford a home in Sudbury.- CMHC analyst Jawad Ahmad

But CMHC analyst Jawad Ahmad says that's not the case in Sudbury, where average home prices have gone up slightly this year by 2.3 per cent. Last year, average resale prices went up 4.8 per cent.

“So the prices did increase, but not as fast it they did in the last previous years,” said Ahmad.

He says that average weekly earnings in Sudbury are similar to the provincial average, but average home resale prices in the city are lower compared to the rest of Ontario.

“So that means that with almost the same income, somebody is in a better position to afford a home in Sudbury," Ahmad said.

Currently, the average home price in Sudbury is just over $248,000. The CMHC is forecasting that will rise slightly next year to $251,000.

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