Greater Sudbury is among the most affordable Ontario cities to live in, according to a recent report by Point2Homes.com.
Pulling data from the province’s 30 largest cities, the report outlines how much house city residents throughout the province can expect to purchase for $400,000.
Greater Sudbury ranks No. 3, at 1,000 square feet.
The Nickel City falls behind Thunder Bay (1,325 square feet) and Chatham-Kent (1,081 square feet).
Perhaps unsurprisingly, downtown Toronto carried the lowest square footage for $400,000, at 395.
The price per square foot in Greater Sudbury was $400, which compares to $302 in Thunder Bay and $1,013 in downtown Toronto.
Point2Point said the data used in the report was compiled from various sources, such as realtors’ associations, brokerages and listed portals such as realtor.ca., redfin.ca and others. The space one could buy for $400,000 was calculated by dividing $400,000 by the price per square foot in each city.
Ontario’s housing prices hit a peak in May, when the average reached $930,000. This dipped to $855,990 by October, which is nearly equal to the same month in 2022 “and very much out of the financial league of at least half the buyers in Toronto, not to mention the less expensive cities in the province,” according to Point2Homes.
Despite Greater Sudbury’s comparable affordability, they’ve also been tackling an ongoing affordability crunch, with current affordable housing stock falling well short of demand.
In Greater Sudbury, $368,586 was considered an affordable purchase price in 2022, according to a report by N. Barry Lyon Consultants Ltd. released earlier this year, which the City of Greater Sudbury commissioned.
In July 2022, the average residential resale price in Greater Sudbury was $452,500, which was a significant jump from the $138,900 recorded in 2005. The greatest increases have taken place in the past three years, with an 11.4-per-cent residential price growth jump recorded in 2020, followed by 20.7 per cent in 2021 and 22.1 per cent in 2022.
Point2Point is an online real estate marketplace.
