Condominiums starting to catch on in Sudbury

Sudbury's housing market is continuing to change both in terms of price and property type and real estate agents are predicting more condominiums in the city's future.

Local contractor Darren Champaigne is betting on that trend. The builder buys old condominiums, renovates them and then resells the unitsat an increased price. The process is commonly known as "flipping a property."

"[If I wanted] to make minimum $70,000 per flip that would take no more than a month-and-a half to two-months work," he said.

Champaigne observed it's the baby boomer population that is drawn to the low-maintenance appeal of condo life.

A local real estate agent said the Sudbury market has only recently begun to embrace the condo trend.

"When I started in 1988, there was very little in the way of condominiums in Sudbury," said Gwen Price, a sales representative with Royal Lepage North Heritage Realty.

"It was a harder sell in those days to try to get people to accept the idea that you're buying an apartment."

Price said it has been the influx of condos in cities like Toronto and Ottawa that has led to its popularity.

She noted that, while the cost of a condo in Sudbury is still high, the price will likely go down over the next few years as the market becomes more saturated.