Sudbury-Meets the Housing Need of Residents and Workers in 2008

In the past, mining has been the dominant industry in the Sudbury area. Many visitors have had the pleasure of visiting unique attractions in the town such as Science North and the Big Nickel. As time has progressed, so has the region. Government services and forestry are also significant forces in Sudbury’s economic landscape. Growing areas may include education, tourism and manufacturing.

Employment opportunities in Sudbury play a large role in the type and cost of housing that is in demand. New job openings are being created which is attracting new residents to the area. The wages of today’s positions is somewhat modest compared to the higher paid jobs that are now less common. Luxury accommodation will not be as popular as the more practical and economical options in the area.

Northern Life.ca quoted a CMHC representative on the matter as follows:

"A rise in mortgage carrying costs and slower economic conditions will dampen housing demand particularly among first time buyers," said Ted Tsiakopoulos, CMHC's Ontario regional economist.
    
"However, demand for modestly priced housing will hold up better as declining employment opportunities in higher paying employment sectors encourage demand for both apartment ownership and rental accommodation."

This information tends to suggest that the rental market in Sudbury will remain strong as will the need for lower cost housing. The adequate supply of appropriate accommodations in an area has a significant impact of the economic stability of a city. When the general population has access to housing that suits their needs, they are more likely to be able to participate and contribute to the community. Additional challenges exist in areas where housing is an issue. The need for social programs, subsidized housing and other anti poverty strategies is much higher which can drain an area’s resources.

CMHC has been Canada's national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country. For more information, visit www.cmhc.ca or call 1-800-668-2642.