This week on The Sudbury Real Estate Podcast, David Kurt is catching up on the real estate market after his two-week vacation out East! Take a listen as he goes over interest rate increases and some Lake City agents' takeaways on the market this week. Tune in to listen to the full breakdown of this week's market activity/forecast on where the market will go from here! 🎧

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Hey Sudbury! 👋

I hope you’ve had an amazing week since we last checked in. I found myself solo-parenting in the last 7 days as my superstar wife was with a friend doing the La Cloche hike in Killarney. The 100k loop of mountain climbing/bushwhacking that her and a friend tackled; while I was on the home front trying to maintain my sanity with the 3 boys. The boys got up to fishing, saunas, slip-and-slides and some of our best home-made pizzas.

On a national level it is another week of rate hikes. We still have a few weeks before the Bank of Canada meets again, but our best foreshadowing what happens in Canada follows what happens to our friends South of the Border; and it was a .75% increase this week. That’s the first time since 1994 that the US Fed have acted that aggressively with interest rates. From what I hear, it’s an 80% chance that Canada follows suit with a similar rate increase; which would push up the variable rate and any home-equity line of credits as well. You may be wondering, what about the fixed rate? Well this has been quite the week for those too! With the continued increases in the bond market; the 5-year fixed rate has topped 5% for the first time since I’ve been in real estate (15 years at least). Across the board we are seeing the cost of money rising. This is all in an effort to dampen the inflation in the current marketplace; something that just doesn’t seem to slow down. People have money and they are happy to spend it, which in turn increases prices on everything from groceries to cars; trips and renovations.

Back to Real Estate in our local market though. The sales dropped slightly week-over week but the number of ‘pending/conditional’ deals jumped considerably. With lots of the deals that are being accepted having financing or home inspection condition; that’s understandable. The other number that jumps out to me is the total listings dropped pretty sharply from 212 last week to 205 this week.

Take a peak at our real estate stats from the last few weeks!

Sales 💰

Tune in to listen to the full episode where I break down my 5 biggest takeaways on the market in Sudbury for the week! 🎧  

Hey Sudbury!🙌

Back to Real Estate and the economy around it though.  We had the Bank of Canada increase the overnight rate again this week by another .5% a move that wasn’t unexpected but one that should have some continued cooling off of the entire economy.  The scariest part of the raises is that it doesn’t have seemed to slow consumer spending yet, the money consumers were used to living on and the lifestyles they grew comfortable with over COVID years most likely have been continued through credit cards and Lines of Credit which is a path that could put us into a consumer credit bubble.  I’m not an economist, so don’t rely on my insights on the slippery slope we find ourselves on. It's something I’ve been doing a ton of reading on and giving thought to what that would look like and how it would affect the housing market locally.

Hey Sudbury!🙌

Sorry to take last week off, I was so excited to be going down to Toronto to see the Raptors play a big game 6 in front of their home crowd, a game that didn’t have the exciting end that I would have hoped for.  With the Raptors being eliminated it looks like we can turn our collective cheers to the Leafs as we hope to break through the first round of the playoffs, which would be the first in a long time!  🏀🏒

On the local side of real estate, it was an interesting week! We saw a large bump in # of sales but an even larger bump in # of listings. This was the most listings we have seen since May of 2021 (almost exactly one year ago). This has caused the total listings to skyrocket to almost 150 listings, a number we haven’t seen in 32 weeks!📈

Hey Sudbury! 

It’s been quite a week. We had all of our kids snow pants and mitts and hats put away, waking up to the blizzard on Tuesday morning it felt like a rude awakening! I don’t know how the Easter Bunny would have faired if that snow came a few days earlier!

On a national level the Bank of Canada’s interest rate increases continue to have some pretty significant impact on slowing down the # of sales, pretty significantly in Southern Ontario where a lot of Realtors I’m chatting with feel like someone turned a tap off.  I saw one chart that had showings booked on listings in the entire city of Mississauga, a number that trends around 35,000 showings/week (they really love real estate down South), had showings drop to 7K showings/week in the last week. That was fewer than over the Christmas break! We also had some additional regulation come out to the act that regulates Realtors (previously REBBA now TRESSA) it looks like in April 2022 sellers will have the choice to run an auction (getting permission to disclose the contents of a buyers offer to all other buyers).  It’s interesting in a marketplace that has a line up of buyers waiting to bid, but in a marketplace that has homes sell in weeks and not days I wonder, if it will be as useful.

On a local side of real estate side of things, it was an interesting week, the market is showing a lot of strength and we had an uptick in the % of multiple offers this week. The big number to watch is the growing gap between # of new listings and # of sales.

Take a peak at our real estate stats from the last two weeks!

Hey Sudbury, we are in the heart of ‘April Showers bring May Flower’ season, and I hope you are staying dry. With Easter weekend upon us I hope you are able to spend some time with your family and be spoiled from the easter bunny who should be hopping by your homes.

The Bank of Canada finally made the splash that I’ve been predicting they would make for the last few weeks. Interest rate on the Bank of Canada lending rate doubled on Wednesday going from .5% to 1%. This is the biggest increase in 22 years, and the first time the rate has ever doubled (seeing as rates were hovering around historic lows this is understandable).

On a local side of real estate side of things, it was an interesting week; the market is still strong; but we are seeing a lot fewer investors, which impacts that 300-550k price point marketplace. The number of listings that see their offer date come and go without a serious buyer seem to be at an all time high!

Are you enjoying what I hope is the last dusting of snow we are going to see for 2022? I know I’ve been barraged with snowballs any chance my kids get with how perfect this spring snowfall has been for snowman building and more importantly snowball making. This latest blanket of winter covering makes us realize that the spring market may not be officially here yet, at least from the perspective of buyers jumping on deals. ⛄️

It has been a truly interesting week, one that sees global crisis continue between Ukraine and Russia. A week that saw nickel future prices on the London Metal Exchange, top the 100k mark, tripling in value in a few short days. With just one ‘influential’ Chinese investor with enough power to shut down the entire future exchange. Within our borders, it was also politically a significant last few days. We have a coalition government between the liberals and the NDP, one that is forcing party members to vote along party lines until 2025. This coalition government was struck on a few principals, universal dental care being one of the bigger ones, but one that will have the most impact in my world will be the housing changes being implemented on a federal level. As one of my favourite bloggers (Garth Turner) put it “The LNDPers have vowed to “tackle the financialization of the housing market by 2023,”.  On one side, the NDP especially wants to see anyone who wants to own a house have the ability to do so, I’m sure they will introduce incentives to aid getting first time buyers into the market and we will see a surge of first time buyers jumping into real estate. On the down side they want to stand up for the ‘commodiation or financialization of the housing market. They will do this by looking to increase downpayment for investment real estate (currently at 20% down with talk of the new govenerment aiming for 35%). This will make it more difficult to use existing equity in the form of Home Equity Line of Credits (HELOC’s) to dump back into down payments. All the while creating a “Housing Bill of Rights”. Still a lot of uncertainty about what the new Lib-NDP’ers will actually do, but the power is clearly in their hands to shape the next few years of Canadian Real Estate. 🏡

On a local side of real estate, we are seeing inventory continue its rise, from a low of 48 homes available 2 months ago to a current volume of 115 available homes on realtor.ca. The majority of sales are still happening in multiple offers, (95%+) but we are seeing bigger gaps between # of sales and # of new listings every week. 📈

Hey Sudbury, I feel like I keep apologizing for a hiatus and this week is no exception. We had our first out of town hockey tournament with our oldest, and we brought the entire family to the Sault for a truly incredible time. I think it's a right of passage for kids to play mini-sticks in the hallways of a hotel, and have absolute chaos going down in the pool and hot tub while the parents look on with adult-pop’s in their Yeti mugs. This was no exception, it was a truly amazing time and so fun to get away with the family.

On the real estate side of things it’s been a truly interesting last 2 weeks. Probably the most interesting time we have seen in a long while. With Ukraine being attacked, interest rates rising and local buyers feeling fatigue like they haven’t experienced in a long while, its making for some interesting developments in the local marketplace.

This week on The Sudbury Real Estate Podcast, David Kurt is on the mic to review Sudbury's real estate market trends and activity. Tune in to listen to the full breakdown of this week's market activity/ forecast on where the market will go from here! 🎧

This week on The Sudbury Real Estate Podcast, David Kurt is on the mic to review Sudbury's real estate market trends and activity. Tune in to listen to the full breakdown of this week's market activity/ forecast on where the market will go from here! 🎧