Sudbury homes more affordable than rest of province
CMHC says average home prices in Sudbury lower than Ontario average
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.