Already on the upswing, Sudbury's housing market will continue to improve through 2011, according to a recent report by the Canada Mortgage and Housing Corporation (CMHC).
In its latest Housing Market Outlook, the CMHC predicts that through to the end of 2010, the Sudbury area will see 2,300 resales, a number that will rise to hit an estimated 2,450 in 2011.
The report also predicts that single-detached starts will also rise slightly from 340 this year to 350 in 2011. There were 224 such starts in 2009.
Next year will also see a slowdown in the rise of average prices as new listings take the edge off price gains. The average price for a Sudbury home rose from $200,947 in 2009 to $222,000 in 2010; this is expected to reach $226,000 next year.
"Historically low interest rates, improved employment conditions and some pent-up demand will support Sudbury housing demand into 2011," said Warren Philp, CMCH Northern Ontario market analyst, in a release.
"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 and improvement in total employment in Sudbury, increasing homebuyers' optimism in 2011."
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