Hefty housing price jump squeezing out some buyers in Sudbury
Average price of Sudbury home up to $254K, a jump of 6 per cent from last year
Jan Oystrick had a hard time putting a price on the house her clients wanted her to sell off Long Lake Road in Sudbury, Ont.
"It's stunning," the veteran realtor said of the 7,000 square foot, Tuscan-style home that sits on a six-acre, gated, private estate that overlooks the lakes of Sudbury's south end.
She eventually settled on $3.9 million — a price she said she believes makes it the most expensive house ever listed in the city.
Oystrick said it has been a busy start to the real estate season in Sudbury, although not as bustling as it was in recent years, when the mining industry was booming and handing out big bonus cheques.
"I haven't seen the market prices really drop, but hasn't been going up as fast as it was five years ago," she said.
The average price of a Sudbury home is $254,000 so far this year, which is up 6 per cent from this time last year.
Realtor Shirley Long said that prices many young families and downsizing seniors out of the market.
Many are considering a mobile home, she said, like the three-bedroom one she has for sale in Sudbury's south end for $59,000.
"You're not what they call, is it 'trailer park trash'? No, these are very nice homes," said Long, who's been a realtor in Sudbury for 35 years.
Her target market is renters who are paying as much as $1,400 for a three-bedroom apartment in the city, or people moving to the outskirts trying to find a house in their price range.
"Where do you live that close to the university or the hospital or the south end of the city for under $100,000?" Long asked.
What does an average northern Ontario house look like now?
Here are some examples of what you can get right now for the average sale price in each of northeastern Ontario's four main cities: