City’s affordable housing stock falls well short of demand
Greater Sudbury is in an affordable housing crunch, with hundreds of households forced to live in unaffordable conditions due to limited stock.
“A vacancy rate below five per cent usually means that market conditions are tight and that available supply is not keeping pace with demand,” according to the report. According to the report, Greater Sudbury has a deficit of 655 rent-geared-to-income units, and of at least 301 low-end of market rental units .
In Greater Sudbury, $368,586 was considered an affordable purchase price in 2022. In July 2022, the average residential resale price in Greater Sudbury was $452,500, which was a significant jump from the $138,900 recorded in 2005. The greatest increases have taken place in the past three years, with an 11.4 per cent residential price growth jump recorded in 2020, followed by 20.7 per cent in 2021 and 22.1 per cent in 2022.
As for rental accommodations, the average market rental rate in Greater Sudbury as of August 2022 was $1,646, an eight per cent increase from 2021. Bachelor units averaged $1,284, and three-bedroom units averaged $2,049.
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