Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 18, 2010 08:15 ET

Sudbury Resale Market to Improve in 2011

SUDBURY, ONTARIO--(Marketwire - Nov. 18, 2010) - Sudbury's resale market is recovering after a period of weakness in 2009, according to Canada Mortgage and Housing Corporation. CMHC released this information today in its latest Housing Market Outlook report for the Sudbury Census Metropolitan Area (CMA). Reports are also available for other major metropolitan centers across the country. 

Highlights of this report include:

  • Existing home sales in Sudbury will grow to 2,300 and 2,450 units this year and next year respectively.
  • Expect solid average MLS® price growth this year as early year strength set the tone for the year. In 2011, the rate of change in prices will slow as increased new listings will take the edge off price gains.
  • Single-detached housing starts will rise in 2010 before increasing again next year, yet in smaller numbers. Pent-up demand caused by the Vale Inco local labor dispute is partially satisfied by the new home market.
  • Sudbury's total employment will increase modestly in 2010, due primarily to a recovery in the goods-producing sector leading to gains in the service sector.

"Historically low interest rates, improved employment conditions and some pent-up demand will support Sudbury housing demand into 2011," stated Warren Philp, CMHC Northern Ontario Market Analyst. "After weakness in 2009 and the first half of 2010, recovery in the goods-producing sector leading to gains in the service sector will trigger an improvement in total employment in Sudbury, increasing homebuyers' optimism in 2011," concluded Philp.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions. For more information, visit www.cmhc.ca or call 1-800-668-2642.

Aussi disponible en francais

CMHC's national web-site is located at www.cmhc.ca.

Contact Information

  • For additional information please contact/
    Pour obtenir de plus amples renseignements, veuillez
    communiquer avec :
    Sudbury: Warren Philp
    (807) 343-2016
    wphilp@cmhc.ca
    or
    En francais: Sandra Perez-Torres
    (613) 748-5120
    sperezto@schl.ca
    or
    Ontario: Ted Tsiakopoulos
    (416) 218-3407
    ttsiakop@cmhc.ca
    or
    Canada: Charles Sauriol
    (613) 748-2799
    csauriol@cmhc.ca