Tariffs offer a silver lining to Sudbury home owners, real estate agent says
CBC
A real estate agent in Sudbury, Ont., says American tariffs on Canadian goods aren't all bad, if you're looking to sell your home.
Tristan Ritchie, a sales representative with Lake City Realty, delivered mailers to homeowners in the Sudbury area ahead of U.S. President Donald Trump's plans to impose tariffs on Canadian imports by Tuesday.
His message: tariffs could lead to an increase in home prices in the area, which would benefit homeowners looking to sell their properties.
"A lot of people were actually scared of the tariffs, which I understand," Ritchie said.
"But I actually have a little bit of a different view on it. And I don't think it's going to cause the house prices to go down. But a few of the sellers are in that thought process."
To boost spending, Ritchie said the Bank of Canada would likely respond to tariffs by lowering interest rates.
Lower interest rates mean it costs less to borrow money for a mortgage, which leads to more potential homebuyers and higher prices as a result.
Ritchie said demand for the limited stock of homes in Sudbury is "already through the roof," and he doesn't expect house prices to fall unless tariffs lead to extensive job losses in the area.
But a report from the Canadian Chamber of Commerce last month said Sudbury would be the most resilient bigger city in Canada in the face of tariffs.
The chamber ranked Canada's 41 largest cities on their vulnerability to U.S. tariffs, compared to the Canadian average.
Sudbury's biggest export is minerals like nickel and copper, of which around half go to the U.S. But the rest are exported to countries like China, Japan and the Netherlands.
Ritchie said some homes in Sudbury are selling for as much as $100,000 over asking.
Due to limited supply, he said, it's not uncommon for a house priced under $500,000 to attract between 30 and 50 interested buyers.
"We've seen a flood of buyers enter the market way earlier than we normally would like. We're calling it an early spring," he said.
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This story is part of a special Housing North series looking at the market in northeastern Ontario.