With a steadily increasing population, the city of Greater Sudbury has become the unofficial capital of Northern Ontario. It is the biggest city in the area and serves as a retail, educational and healthcare hub to the approximately 600,000 people in the northern regions of Ontario. Sudbury itself has a population of over 160,000 people living in its city.
Located roughly 400 km north of Toronto and close to 500 km east of Ottawa, Sudbury is one of the largest municipalities in Canada by area. Home to over 300 freshwater lakes and untouched forests, Nickel City is a harmonious blend of the urban and the natural.
Since its origins as a mining town, Sudbury has evolved and diversified its economy, with opportunities in financial services, government work and healthcare. It is also quickly becoming one of Canada’s hottest locations for film and television production.
With Laurentian University, Cambrian College and Collège Boréal in the area, Sudbury is continually attracting new students, researchers, and other new residents from around the world. This leads us to the issue of housing.
Growing Housing Demands in Sudbury Ontario
Like most of the rest of Canada, the real estate market in Sudbury is steadily increasing. Average residential sales prices are rising every year. An increasing number of people are actively looking to rent apartments, condos, and homes in Greater Sudbury. Rental rates in Sudbury increased by 5.6 percent in 2020 while the vacancy rate remained at 2.1 percent – meaning a high demand for rental units.
Unfortunately, along with an increasing population and housing market in Sudbury, we’ve also seen an increase in the crime rate. And with severe ice and snow storms causing property damage in the winter and wildfires in the summer, people who rent in Sudbury are exposed to more and more risk every year.
Having a renter’s or tenant’s insurance policy is the only way to feel protected as a tenant in Sudbury. If you’re thinking about renting in Sudbury, or are already doing so, here are the basics of renter’s insurance – an affordable way to protect your possessions.
