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5 Bullet Friday...Lots of Million Dollar Sales This Week

David Kurt

What made you decide to get into real estate? I was one year into working a “real job”; the type you study hard and go to University for when I re...

What made you decide to get into real estate? I was one year into working a “real job”; the type you study hard and go to University for when I re...

Feb 23 4 minutes read

Welcome back Sudbury! 👋

Take a peak at the numbers from the last few weeks!

Here are my 5 takeaways this week:

📉Wow, a drop in new listings back to the 30’s from last week's almost 50 homes that got listed, combined with an uptick in conditionally accepted listings really drew total active homes down again this week. This puts us back on course for fewer listings to pick from as buyers make the push to jump back into searching for homes. 

🏡The famous ‘President's House’ got listed this week, Dominic Giroux being the last tenant when he was the president of Laurentian University. This 6 bedroom, 6 bathroom home in the heart of the hospital area is built in 1930 and full of character and charm. Located a short walk to downtown and across the street from the Bell Mansion, it is truly a statement home and one that needs to be seen to be appreciated.  

💰I don’t take much time to focus on multi-family real estate with this newsletter/blog, but I have to touch in on a few of the sales and pending deals that Sudbury has seen in the last week and a bit. In the last 10 days, we have had 6 places over a Million either sell or go pending, the highlight being the one I chatted about last week with the New Sudbury apartment that sold just under 8 Million. In addition to that, we’ve seen a 2+ Million$ school go pending, a 4 Million dollar apartment building go pending, and a 1.6 Million dollar school in Lively go pending as well. Last but not least, a Million and a half dollar 4-plex sell firm this week. That’s almost 20 Million dollars of real estate that went pending or sold in the last few days; that’s a lot of money being splashed around the Big Nickel. We haven’t seen a lot of the bigger buildings get listed in Sudbury in the last long while, so to see them get scooped up makes sense. And when people are spending that kind of money on developed buildings, it's logical that developers would be targeting conversion opportunities that they can create new housing projects. I think it's a good sign when you see this much confidence in the local marketplace.  

📊The inflation numbers that are coming out in the last week are very interesting. It looks like the Canadian inflation numbers are coming back in check with the latest report coming in at 2.9%; well within the 2-3 % target range for inflation. At the same time, the US inflation report 3.09 is higher than they expected, making their Federal Banker threaten interest rate increases, when Canada is looking at decreases. Despite how small of a difference in that inflation rates, the result is two different economies going in opposite directions. In Canada we are expecting rate cuts, and in the US they could be expecting rate hikes.  

💵The BC government this week just announced a ‘flipping homes’ tax. This will punish anyone who buys and sells a house within 2 years taxing the gains on any income. It will be a sliding scale that gets pulled back the closer you get to the two year mark, but it's an interesting tax. Ontario introduced new rules around ‘flipping homes’ that were implemented at the beginning of last year, making it more strict on recognizing revenue as ‘business income’ if you are buying and reselling within the year, but with the rest of the provinces looking for additional sources of revenue, it won’t be surprising to see other provinces and possibly Ontario looking to implement a similar tax on ‘flipping’. 

That’s it for this week, let's connect next Friday for another Sudbury Market update!

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