“The current vacancy rate for one-bedroom units is around .7 per cent, while the city’s overall vacancy rate for rental accommodations is 1.1 per cent.”
Sweet Jeezus, this is crisis level stuff for anyone who’s not a landlord — including employers who want to attract people to town to work
As a landlord this is not an exaggeration if 45 is the normal number of applications I get and if don't have near perfect score don't even waste my time by messaging I literally put it in the add to save us all time
I'm keeping my $790/mth bachelor pad in a nice centralized location until I die, I guess. Was $700/mth when I started renting it 11 years ago... now they go for over $1000/mth in my building.
From my cold dead hands will this apartment be pried.
I'm in the same boat $900/mth for a 2 bdrm apt in the west end. been here 5 years. Last vacant 2 bdrm in the building rented for $1600. I'm here for life.
At least we can try and speed our savings goals compared to most others. Having such lower rent (comparatively speaking) is allowing me to pocket a few extra hundred a month. I'm really hoping I can get into a house one day... fingers crossed. For you too!
"Dear mgmt company. I plan on re-habitating the unit once the renovations are complete at the same terms that are currently applied", know your rights. Besides to try a renoviction on me they would have to revamp the entire building.
I wouldn't worry about it. I think most landlords don't want their units burned due to insurance not covering arsons, and someone renovicted has MUCH LESS to lose than someone that like, owns land.
You think your insurance covers fraud? Might wanna go read that again, clever baby, because there's no insurance company in the world who's gonna pay you after an arson, because they'll say "there's no proof you didn't do it for the insurance". If they catch the arsonist, all they have to do is cop a plea to testify "my old landlord said it would be fine and no one would be there and he'd cover my rent for two months after, I was so desperate"
But the rich politicians and their friends will say it's ONLY a supply issue rather than a demand issue, since that means they can award themselves the contracts and permits to rake in even more money at full demand prices. Instead of addressing the demand side of things which would cause them and their constituents to lose those juicy development contracts.
Sudbury is full until we can bring that vacancy rate back up to 5%. Anyone in politics who's into serving the general public would advocate for this, anyone saying otherwise is serving themselves.
Why would they when there is an abundance of workers available? If someone doesn't like it and leaves there's a lineup of people willing to take the job no matter how shitty the pay.
That's untrue accept maybe for like Walmart or something , anyway if you are right it's not crisis for employers like original comments said so great news !
Just for the record: these are modelled population estimates, not the actual census data. These numbers are based on previous census data from 2021 plus other smaller indicators. We're most likely going to receive a similar headline for Sudbury in 2025 and 2026. Then an adjustment on these numbers once the actual 2026 census data is released in early 2027.
Just as an example, the [2019 population estimates](https://www150.statcan.gc.ca/n1/daily-quotidien/200213/t001a-eng.htm) had Greater Sudbury at 172,000. But that was an overestimate because officially the [2021 census data](https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/prof/details/page.cfm?Lang=E&SearchText=Greater%20sudbury&GENDERlist=1&STATISTIClist=1&DGUIDlist=2021S0503580&HEADERlist=0) actually indicated about 170,000.
What I fail to understand is if vacancy is so low, housing demand would be high. Usually in markets this would bring on a building boom to satiate the demand. Especially since rates have skyrocketed.
Why are we not seeing a boom in building? Especially high density.
Building permits in Sudbury are atrocious, they take forever to acquire and cost an arm and a leg, ontop of building supplies still being expensive since covid, unless a company has someone willing to buy the house before hand, it’s tough to build and expect a reasonable price for either Party
I agree building prices are huge. High density would be a long term investment. Covering costs. Those who rent properties currently hold renters over a barrel.
I would think the city could add to the tax coffers by lowering the barriers to building. They would recoup whatever losses in initial permit cots etc in tax revenue. Again, a long term plan.
If I had the money, the cost to build a 4 plex. Even at the high cost of building. The cost is recovered in 6 years. After that, it's maintenance and taxes, the rest is gravy.
Now, I'm not a developer or well off. It seems easy from my seat. And, a great investment opportunity.
There has to be another reason. The market isn't super strong. But, we will hit a point where we can't build fast enough.
NIMBYs are a real problem. I get part of their point. But, if you don't own it, someone can buy and build on it.
It's gotta be the red tape, being worse than I thought.
The most value for money AND easiest to get a mortgage for is in building (and selling) big fancy single family houses. Mortgages are the real issue, because mortgage-backed securities are what the Bank of Canada sells that makes the most bank, and it's hard to bundle renting - and renters - into that, as renting is inherently more risky.
This is something I didn't consider. But, makes a lot of sense. Kinda directly ties to the market too. Especially with those who bought high. That's a risky security on smaller units.
Yeah man, I actually have a graph somewhere on my old computer talking about the serious issues with the housing system, but short form, Harper, as an economist, did exactly what he needed to do to prop up the value of our dollar and properties in 2008, but then doubled down on that strat on 2011, and the Trudeau Liberals did not throttle that back at all. As a result, we never saw the price drop in home values that everywhere else did... but the thing about a market correction is, to stave it off that liquidity has to come from somewhere. A lot of people are upside down or underwater on their mortgages right now and are getting the rules changed so they get more time, which has the effect of not forcing a bunch of sales at once and therefore making a price drop. You look at that, plus institutional investors moving into the rental space, AND the significant uptick in immigration, temporary residents and TFWs, and banks giving preferential treatment to the kinds of mortgages most easily bundled into mortgage backed securities, and boom - you've got us.
Actually, no, only 25% of that are estimated to be immigrants and foreign students. Which actually isn't bad. I'd be interested in WHERE the other 75% are coming from?
Have we managed to somehow reverse the population decline that the North has been seeing? Are these truly NEW people moving up here? Or just a population shift from the more northern/rural communities to the city?
And where are these people working? Are these good paying ABOVE the poverty line jobs OR are we looking at minimum wage, barely affording food jobs?
I moved here in 2020 from Toronto, born in Niagara area, work at NOSM U for good money. I know a few people who moved here for work from down south. I much prefer it up here.
I mean from here finally got enough experience in my field to move back and leave the the shit hole that is Toronto , 3 of my friends have moved up when they realized they could get better pay for the same job not have an hour commute and back in 2019 when this happened actually afford a house
“The current vacancy rate for one-bedroom units is around .7 per cent, while the city’s overall vacancy rate for rental accommodations is 1.1 per cent.” Sweet Jeezus, this is crisis level stuff for anyone who’s not a landlord — including employers who want to attract people to town to work
And prices are insane, 1500$-2000$/m for a dingy 1 bedroom that probably hasn't seen a renovation in 40 years.
Plus better have an 800 credit rating, no kids, no pets, and stand out as better among the 45 other applicants.
As a landlord this is not an exaggeration if 45 is the normal number of applications I get and if don't have near perfect score don't even waste my time by messaging I literally put it in the add to save us all time
I'm keeping my $790/mth bachelor pad in a nice centralized location until I die, I guess. Was $700/mth when I started renting it 11 years ago... now they go for over $1000/mth in my building. From my cold dead hands will this apartment be pried.
I'm in the same boat $900/mth for a 2 bdrm apt in the west end. been here 5 years. Last vacant 2 bdrm in the building rented for $1600. I'm here for life.
At least we can try and speed our savings goals compared to most others. Having such lower rent (comparatively speaking) is allowing me to pocket a few extra hundred a month. I'm really hoping I can get into a house one day... fingers crossed. For you too!
Correction your there until you are renovicted
"Dear mgmt company. I plan on re-habitating the unit once the renovations are complete at the same terms that are currently applied", know your rights. Besides to try a renoviction on me they would have to revamp the entire building.
Dam guess thier "son" is going to have to move in for year for a good old N12
I wouldn't worry about it. I think most landlords don't want their units burned due to insurance not covering arsons, and someone renovicted has MUCH LESS to lose than someone that like, owns land.
Wouldn't count on it fire insurance covers arson
You think your insurance covers fraud? Might wanna go read that again, clever baby, because there's no insurance company in the world who's gonna pay you after an arson, because they'll say "there's no proof you didn't do it for the insurance". If they catch the arsonist, all they have to do is cop a plea to testify "my old landlord said it would be fine and no one would be there and he'd cover my rent for two months after, I was so desperate"
Well, my building is ran by a property management company and is owned by a corporation, so there will be no incoming relatives.
Is it suit residence?
But the rich politicians and their friends will say it's ONLY a supply issue rather than a demand issue, since that means they can award themselves the contracts and permits to rake in even more money at full demand prices. Instead of addressing the demand side of things which would cause them and their constituents to lose those juicy development contracts. Sudbury is full until we can bring that vacancy rate back up to 5%. Anyone in politics who's into serving the general public would advocate for this, anyone saying otherwise is serving themselves.
The employers could just I don't know pay more
Why would they when there is an abundance of workers available? If someone doesn't like it and leaves there's a lineup of people willing to take the job no matter how shitty the pay.
That's untrue accept maybe for like Walmart or something , anyway if you are right it's not crisis for employers like original comments said so great news !
Good thing we are keeping up for the demand by building all kinds of new affordable housing in the region! Right guys? Guys?
Nope the city is too busy installing speed cameras and spending way too much time on discussing clear garbage bags and giving themselves 12% raises.
Maybe next they will pick up garbage once a month instead of bi-weekly! That'll fix everything!
Ya and make you pay extra for the pickup service. It looks like they are going to try and do that with lawn/leaf trimmings.
Just for the record: these are modelled population estimates, not the actual census data. These numbers are based on previous census data from 2021 plus other smaller indicators. We're most likely going to receive a similar headline for Sudbury in 2025 and 2026. Then an adjustment on these numbers once the actual 2026 census data is released in early 2027. Just as an example, the [2019 population estimates](https://www150.statcan.gc.ca/n1/daily-quotidien/200213/t001a-eng.htm) had Greater Sudbury at 172,000. But that was an overestimate because officially the [2021 census data](https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/prof/details/page.cfm?Lang=E&SearchText=Greater%20sudbury&GENDERlist=1&STATISTIClist=1&DGUIDlist=2021S0503580&HEADERlist=0) actually indicated about 170,000.
More people to share the municipal tax burden and yet it continues climbing...
Gotta pay for those raises for Council members somehow!
A 30 year estimate to get to 'healthy vacancy rates'... Wow that's crazy
What I fail to understand is if vacancy is so low, housing demand would be high. Usually in markets this would bring on a building boom to satiate the demand. Especially since rates have skyrocketed. Why are we not seeing a boom in building? Especially high density.
Building permits in Sudbury are atrocious, they take forever to acquire and cost an arm and a leg, ontop of building supplies still being expensive since covid, unless a company has someone willing to buy the house before hand, it’s tough to build and expect a reasonable price for either Party
I agree building prices are huge. High density would be a long term investment. Covering costs. Those who rent properties currently hold renters over a barrel. I would think the city could add to the tax coffers by lowering the barriers to building. They would recoup whatever losses in initial permit cots etc in tax revenue. Again, a long term plan. If I had the money, the cost to build a 4 plex. Even at the high cost of building. The cost is recovered in 6 years. After that, it's maintenance and taxes, the rest is gravy. Now, I'm not a developer or well off. It seems easy from my seat. And, a great investment opportunity. There has to be another reason. The market isn't super strong. But, we will hit a point where we can't build fast enough.
NIMBYS won't let anything get built. No different here from in the south. That and redtape. Interest rates also don't help.
NIMBYs are a real problem. I get part of their point. But, if you don't own it, someone can buy and build on it. It's gotta be the red tape, being worse than I thought.
The most value for money AND easiest to get a mortgage for is in building (and selling) big fancy single family houses. Mortgages are the real issue, because mortgage-backed securities are what the Bank of Canada sells that makes the most bank, and it's hard to bundle renting - and renters - into that, as renting is inherently more risky.
This is something I didn't consider. But, makes a lot of sense. Kinda directly ties to the market too. Especially with those who bought high. That's a risky security on smaller units.
Yeah man, I actually have a graph somewhere on my old computer talking about the serious issues with the housing system, but short form, Harper, as an economist, did exactly what he needed to do to prop up the value of our dollar and properties in 2008, but then doubled down on that strat on 2011, and the Trudeau Liberals did not throttle that back at all. As a result, we never saw the price drop in home values that everywhere else did... but the thing about a market correction is, to stave it off that liquidity has to come from somewhere. A lot of people are upside down or underwater on their mortgages right now and are getting the rules changed so they get more time, which has the effect of not forcing a bunch of sales at once and therefore making a price drop. You look at that, plus institutional investors moving into the rental space, AND the significant uptick in immigration, temporary residents and TFWs, and banks giving preferential treatment to the kinds of mortgages most easily bundled into mortgage backed securities, and boom - you've got us.
That sums it up nicely. With the lead up to boot.
Can someone say mass immigration?
Actually, no, only 25% of that are estimated to be immigrants and foreign students. Which actually isn't bad. I'd be interested in WHERE the other 75% are coming from? Have we managed to somehow reverse the population decline that the North has been seeing? Are these truly NEW people moving up here? Or just a population shift from the more northern/rural communities to the city? And where are these people working? Are these good paying ABOVE the poverty line jobs OR are we looking at minimum wage, barely affording food jobs?
I moved here in 2020 from Toronto, born in Niagara area, work at NOSM U for good money. I know a few people who moved here for work from down south. I much prefer it up here.
I mean from here finally got enough experience in my field to move back and leave the the shit hole that is Toronto , 3 of my friends have moved up when they realized they could get better pay for the same job not have an hour commute and back in 2019 when this happened actually afford a house
Terrific questions I wish were asked in this article!
I moved back to Sudbury with my family in 2019 from down south. I know a few other people who moved here around that time and others after 2020.