Canada Home prices cool off in Sudbury, Sault Ste. Marie after pandemic boom
Long-term celebrity couples who shockingly called it quits after decades together
These Hollywood marriages defied the norm and lasted for more than a decade before they came to shocking ends.
The real estate market in two northeastern Ontario cities has cooled off in recent months after two years of price increases, according to local realtors.
In Sault Ste. Marie, the average price for a single family home has stabilized at $320,000, according to Jonathan Mogg, president of the Sault Ste. Marie Real Estate Board.
"That's actually really encouraging for the buyers now because it was just growing at an unsustainable pace for a while there," Mogg said about the market during the last two years.
Covering Pope Francis's visit to Canada from the papal plane: Reporter's notebook
Ka’nhehsí:io Deer, a Kanien’kehá:ka journalist from Kahnawake, Que., was one of two Indigenous journalists on the Pope's plane during his visit to Canada.I was on my way to Rome, assigned to cover Pope Francis's six-day trip to Canada.
"It was absolutely exploding."
Before the pandemic, Mogg said the average house price in Sault Ste. Marie was around $200,000. That increased by 33 per cent in two years.
Mogg said the Bank of Canada's recent interest rate hikes have helped cool demand from prospective homebuyers.
"It's kind of caused some buyers to be a little more cautious in terms of affordability and is kind of a major driving factor as to what is cooling off the buyer's market," he said.
Mogg added that bidding wars are much less common today than they were even just a few months ago.
What he calls a "return to normal" means buyers can be more picky because homes are staying on the market longer.
"We really are happy with the way that things are starting to return to normal," Mogg said.
10 millionth tree in Sudbury, Ont., planted with Jane Goodall pitching in
After more than four decades of regreening efforts, the 10 millionth tree was planted in Sudbury, Ont., during a milestone event Thursday that attracted dignitaries including world-renowned scientist Jane Goodall.The tree was embedded near the William Bell Gazebo at Bell Park, an event taken in by a large crowd and dignitaries, including British primatologist and anthropologist Jane Goodall, founder of the Jane Goodall Institute and a UN messenger of peace, Canadian Prime Minister Justin Trudeau, and Environment and Climate Change Minister Steven Guilbeault.
"And that's the biggest thing that we're starting to see is, you know, it's a normal market again. And that's really encouraging for everybody on both sides."
More stability in Greater Sudbury
Homes are also staying on the market longer in Greater Sudbury, said David Kurt, the broker of record with Lake City Realty in Sudbury.
"Right now, buyers have a lot more opportunities to look at a house a couple of times before deciding, make an offer, and then maybe even make a conditional offer," Kurt said.
Kurt said the average price for a single family home in Greater Sudbury was $443,000 in July.
Despite big price increases since the pandemic started, Kurt said houses in the area remain affordable compared to other parts of Ontario.
"In Ontario, the average price is over $1 million," he said. "We're still 50 per cent of that. So we are so cheap relative to what else is out there."
Kurt said higher interest rates have helped cool demand in the housing market, but there's also an emotional component that has led to less demand.
"When the market went up, they (buyers) thought, 'If I didn't buy today, then I would never be able to afford to buy,'" he said.
Kurt said increasing real estate prices during the pandemic also led to many more realtors in Greater Sudbury.
Before the pandemic, he said the city had about 338 real estate agents, but that has increased to about 450 agents today.
"So there are a lot of new agents out there and there's going to be a lot less transactions happening, which means a lot of these agents are not going to be making money to be able to survive," Kurt said.
Canadian inflation expected to cool with falling gas prices. But will it last? .
High gas prices played a key role in Canada's 8.1 per cent annual inflation rate last month, and their decline will factor into the country's next inflation reading on Tuesday.The average price for regular gasoline in Canada, which was 165.7 cents per litre on Monday according to CAA, has been dropping from the historic highs of $2 a litre seen earlier this year.