How do the Sudbury and Toronto Real Estate Markets Compare?
With all the talk of the “bubble bursting” in Toronto and The Greater Toronto Area, many Sudbarians are concerned about the state of our very own housing market. Despite speculation that the Toronto market is affecting Sudbury, the number of sales and average sale price are still increasing from last month and even last year.
For example, Sudbury has seen a 12% increase in average sale price for August 2016 compared to August 2017. This is a considerable increase when comparing Toronto’s 3% increase in average sale price from August 2016 to August 2017.
When comparing monthly average sale prices for Sudbury in 2017, we see that the average sale price is up in August, helping recover from a poor market in July. Overall Sudbury saw a late start to the spring market, peaking in June. This is unlike Toronto, who have been dealing with a declining number of sales after a very hot spring market which peaked in April.
Let’s compare the number of sales…
There was an 9% increase in the number or sales from August 2016 compared to August 2017 in the Sudbury Real Estate Board. There has also been a 174% increase in the number of sales from January 2017 to August 2017.
This is vastly different from what Toronto is experiencing. The Toronto Real Estate Board reports a 35% decrease in sales from August 2016 to August 2017. From January to August 2017, they have seen a 23% increase in the number of sales.
* statistics retrieved from TREB Market Watch and SREB MLS.
Have any questions about past, current or future market trends? Send me a message, I'd be happy to discuss.