Do you want content like this delivered to your inbox?

5 Bullet Friday...The Million Dollar Market is Booming

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...

Jun 21 4 minutes read

Welcome back Sudbury! 👋

Here are my 5 takeaways this week:

📈Another week has passed with listings once again outpacing sales. After a drop in new listings last week, we surged back into the 70s this week. Sales saw a modest uptick over the last 7 days, but with the increased new listings, total home availability jumped past 300 for the first time this year. Last year, we only surpassed 300 listings six times, mostly in late summer and fall when the market began to pick up (October). This suggests we'll see significantly more homes come onto the market this year compared to last, and I expect this upward trend to continue into the second half of the year.

📊This week, showings have decreased, yet there seems to be a rising trend in multiple offers. We had 31 deals at or above listing price, similar to last week. Anecdotally within our team, we're observing listings with fewer showings, but nearly all showings result in offers. I describe this market to sellers as one where buyers are discerning yet highly qualified and eager to make offers. While we may not see the 60+ showings from a few weeks ago, multiple offers are still common.

🔨As provincial and federal governments bolster the new housing accelerator fund, billions are being poured into housing development. I recently heard that many communities are adjusting to qualify for these funds but are simultaneously raising municipal development fees, effectively offsetting any savings from federal and provincial funding. Sudbury, however, has frozen local development charges, potentially making development cheaper. Yet, this hasn't immediately translated into increased builds, particularly in single-family homes, which are on par with last year's figures.

💰The market has yet to reach the average price levels seen during the COVID surge. However, the Million Dollar+ market segment in Sudbury is more active than ever. So far this year, 36 homes have sold for seven figures or more, up from 23 at this time last year. These homes frequently enter bidding wars, indicating that discerning buyers at all price points are ready to act when they perceive value. 

🤔I've noticed rental rates decreasing in recent months, a trend mirrored in my own properties. Despite the steep increases in rent seen earlier this year, it seems tenants may have reached their affordability limit. Recently, it took me six weeks to secure a tenant for a fully updated 3-bedroom unit in a prime location, even after pricing competitively against comparable units in the area. It appears we're in a phase where many are financially stretched, facing challenges with mortgage renewals, rental affordability, and often needing additional income sources to maintain their lifestyle. This economic stagnation suggests that prices may remain relatively stable in the short to medium term, though these are observations rather than financial advice from your local Sudbury Realtor.

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

Selling Your Home? 

Get your home's value - our custom reports include accurate and up to date information.

Get Home Value
We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. More info

Terms of Use

This website is operated by Lake City Realty LTD/David Kurt, REALTOR®, a Salesperson who is a member of The Canadian Real Estate Association (CREA). The content on this website is owned or controlled by CREA. By accessing this website, the user agrees to be bound by these terms of use as amended from time to time, and agrees that these terms of use constitute a binding contract between the user, Lake City Realty LTD/David Kurt, REALTOR®, and CREA.


The content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals. Any other reproduction, distribution or use of the content, in whole or in part, is specifically prohibited. Prohibited uses include commercial use, “screen scraping”, “database scraping”, and any other activity intended to collect, store, reorganize or manipulate the content of this website.


REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA’s By-Laws, Rules, and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the professional real estate services provided by members of CREA.

Liability and Warranty Disclaimer

The information contained on this website is based in whole or in part on information that is provided by members of CREA, who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members, and assumes no responsibility for its completeness or accuracy.


Lake City Realty LTD/David Kurt, REALTOR® may at any time amend these Terms of Use by updating this posting. All users of this site are bound by these amendments should they wish to continue accessing the website, and should therefore periodically visit this page to review any and all such amendments.