APRIL 2023 MARKET WATCH
Sales in Durham Region for the month of April were 17% lower than the same month last year while inventory, the achilles heel of our market, was down 47% for the same time period. These two percentages tell the story. I could seriously end this market update right here with these two numbers. But I won’t. People tell me that prices seem to be going up. They’re right. It’s more tempered than it was a year ago, but each month this year there’s been an incremental increase in the Average Sold Price.
CLICK HERE TO READ FULL APRIL 2023 REPORT...
MARCH 2023 MARKET WATCH
Sales increased by 44% over February and New Listings surged 44.9%, from 869 in February to 1,299 in March. Due to the increase in sales, the added inventory did little towards increasing affordability. In fact, the Average Sold Price increased by 4.2% from February to March. The Average Sale Price came in at $926,142, an increase from February’s price of $888,448. Will this continue through the Spring season?
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FEBRUARY 2023 MARKET WATCH
Sales in Durham Region and across the GTA were down substantially from pre-rate hike levels of a year ago. Sales in February declined 46.6% from February, 2022 although they were 52.5% higher than the previous month of January. New listings were also down 44.5% from a year ago, contributing to a levelling off of
price decreases. The Average Price increased just slightly from last month but they were down 27.7% from last year at this time, the last month before rate hikes began to take hold...
CLICK HERE TO READ FULL FEBRUARY 2023 REPORT...
We’re off to a New Year and many people are wondering, after all the market upheaval in 2022, what changes 2023 will bring. We see a lot of buyers, who have been on the sidelines, wanting to get back into the market. We also believe that prices have hit bottom (barring a world catastrophe) as they’ve been fairly even since September. Most of the price declines occurred from February through August and prices have pretty much flatlined since then...
CLICK HERE TO READ FULL JANUARY 2023 REPORT...
DECEMBER 2022 MARKET WATCH
“Sales reported by the Toronto Regional Real Estate Board (TRREB) were down 48% year-over-year, while total yearly sales were down 38.2% compared to the 2021 peak of 121,639.” Wait! What the hell was that? It took me a couple of reads and checking the stats to understand what the author was talking about and reminded me that we’re in for a slew of sensational headlines over the next while. I really prefer the plain English version of things so here we go:
CLICK HERE TO READ FULL DECEMBER 2022 REPORT...
NOVEMBER 2022 MARKET WATCH
Sales in Durham Region came in at 564 units, down 10.7% from October and 44% from November of 2021. The notable decrease in sales is due, in large measure, to the increased costs of borrowing money. Inventory levels remained consistent, however, with last year’s numbers with 1,037 new listings on the market compared to 1,044 at this time last year.
CLICK HERE TO READ FULL NOVEMBER 2022 REPORT...
OCTOBER 2022 MARKET WATCH
Sales in Durham Region clocked in at 632 units in October, a decline of 39.6% from October, 2021. Across the entire GTA reporting area, sales declined 49.1% so Durham Region is performing a bit better than the GTA as a whole. Our quality of life, available inventory, many amenities and lower overall re-sale prices for homes all contribute to this demand.
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SEPTEMBER 2022 MARKET WATCH
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CLICK HERE TO READ FULL AUGUST 2022 REPORT...
The market in Durham Region continued to cool in July as vacation time and higher borrowing costs combined in creating more balanced market conditions. The entrance fee for First Time Buyers, however, remains prohibitive to too many people. We receive a lot of requests to view homes in the 300K - 500K in Durham Region and frankly, it’s practically impossible to find decent housing below the half million dollar mark. I think my colleagues in the industry would agree that while we’ve had a market correction, we certainly haven’t had a crash.
CLICK HERE TO READ FULL JULY 2022 REPORT...
JUNE 2022 MARKET WATCH
The Average Sale Price in Durham Region was down 2.6% from May, to $969,424 from $995,668. The reduction from the high point in prices this past February is -21.1% but on the upside, the Average Sale Price was still 5.6% higher than in June of last year. Does it feel like the stats are on a see-saw? Total Sales decreased by 5.6% from the previous month and were down 32% over June of 2021. For the GTA, the decrease from last year was 41% so Durham is still holing it’s own as an affordable destination for many new homeowners.
CLICK HERE TO READ FULL JUNE 2022 REPORT...
MAY 2022 MARKET WATCH
CLICK HERE TO READ FULL MAY 2022 REPORT...
APRIL 2022 MARKET WATCH
CLICK HERE TO READ FULL APRIL 2022 REPORT...
How interesting it is to watch the numbers pivot from, what has been, the never-ending status quo of increasing prices and competition for homes! Just as we’re starting to hear about a market “shift,” so do the underlying numbers reflect that fact. This particular shift isn’t quite as fast (overnight) as it was in 2017 when government intervened with the stress test but it has occurred, primarily as an organic event, over the past 2-3 weeks.
CLICK HERE TO READ FULL MARCH 2022 REPORT...
FEBRUARY 2022 MARKET WATCH
Sales almost doubled from the previous month in our area, reaching 1,125 properties compared to just 609 in January. Average Price also edged up slightly to $1,228,990 from $1,175,010 in January however it was up a whopping 37.2% from February of 2021. That may be the peak as changes are on the horizon.
CLICK HERE TO READ FULL FEBRUARY 2021 REPORT...
JANUARY 2022 MARKET WATCH
Durham Region saw 609 properties change hands in January, down slightly from 671 in December but not bad considering the onslaught of winter weather in the Region! The average Sold Price came in at $1,175,010, and increase of 34% over January of 2021!
CLICK HERE TO READ FULL JANUARY 2021 REPORT...
DECEMBER 2021 MARKET WATCH
There were 671 properties sold across the Region in December. This was down substantially from the 1,013 units sold in November, which is typical for the holiday season month. The numbers were also down 13.2% from December, 2020. Still, overall transactions for the year set a new record of 14,717, up 13.9% from the record set in 2020.
CLICK HERE TO READ FULL DECEMBER 2021 REPORT...
November set a new record for both sales and average selling price in the GTA. Demand for housing continues unabated and the housing industry at all levels is expressing frustration with provincial and federal levels of government that continue to offer band-aid solutions aimed at suppressing demand, rather than increasing supply.
CLICK HERE TO READ FULL NOVEMBER 2021 REPORT...
OCTOBER 2021 MARKET WATCH
SEPTEMBER 2021 MARKET WATCH
Low inventory and competition for homes continued throughout Durham Region for September. Typically the beginning of the Fall market, this past month saw increased activity and a further escalation in sale prices for homes of every style.
CLICK HERE TO READ FULL SEPTEMBER 2021 REPORT...AUGUST 2021 MARKET WATCH
Tighter market conditions and sustained competition among homebuyers resulting in double-digit increases in selling prices continue to be the story, even in the face of a summer breather in the market.
CLICK HERE TO READ FULL AUGUST 2021 REPORT...JULY 2021 MARKET WATCH
Summer took hold and sales backed off for July, decreasing by 22.5% from the previous month. This is typical for the summer months as people plan vacations. This year that sentiment is increased as travel opens up and we emerge from a long, COVID cocoon.
CLICK HERE TO READ FULL JULY 2021 REPORT...JUNE 2021 MARKET WATCH
The June numbers confirmed that while the pace of the frenzied market eased in the 2nd quarter, the pressure did not. What I mean by that is although sales declined, so did inventory. As long as those two metrics move in tandem, we still have price pressures and multiple offers.
CLICK HERE TO READ FULL JUNE 2021 REPORT...MAY 2021 MARKET WATCH
Some indicators modified slightly in May but not enough to remove the pressure of finding a good home without having to compete with other buyers. It will be interesting to watch the direction the market takes over the summer months as lockdown restrictions lift. Even in the first phase of reopening, Open Houses are still prohibited.
CLICK HERE TO READ FULL MAY 2021 REPORT...APRIL 2021 MARKET WATCH
Sales in Durham Region came in at 1,771 units, a decrease of 15% from the 2,076 sales number in March however New Listings decreased by 18% from March, maintaining the tight market conditions of not enough homes for the number of Buyers in the market.
CLICK HERE TO READ FULL APRIL 2021 REPORT...MARCH 2021 MARKET WATCH
The frantic pace of the market continued through March in the Durham Region. Sales increased by 50% from February while New Listings were up by almost 44% to 2,838 units. The Average Sold Price also edged up, from $894,441 in February to $901,322 in March. A year ago in March of 2020 the Average Sold Price came in at $656,211, representing a 37.3% increase year over year. Keep in mind that the first lockdown came on March 15, 2020, skewing the monthly numbers a year ago.
CLICK HERE TO READ FULL MARCH 2021 REPORT...FEBRUARY 2021 MARKET WATCH
Sales took off like a rocket in Durham Region, increasing 112% over January and up 56% over February of 2020! New listings also increased by triple digits, up 109% over January’s total of 945 to 1,975. In spite of the much-needed inventory that came onto the market, homes were quickly gobbled up by anxious buyers.
CLICK HERE TO READ FULL FEBRUARY 2021 REPORT...JANUARY 2021 MARKET WATCH
Sale in the GTA were up by just over 50% in January compared to January of 2020. New listings were up by 20% year over year so a shortage of inventory persists, though not quite as dire as December. This demand has contributed to a steady increase in prices.
CLICK HERE TO READ FULL JANUARY 2021 REPORT...DECEMBER 2020 MARKET WATCH
The numbers have been tallied and December sales led the year to the 3rd best result on record, with just over 95,000 homes changing hands during a pandemic. It’s easy to see why Realtors were declared an essential service from the beginning of this pandemic. Right across the GTA, sales were up 8.4% over 2019.
CLICK HERE TO READ FULL DECEMBER 2020 REPORT...NOVEMBER 2020 MARKET WATCH
Durham Region continued to out-perform in November, posting a 24.8% increase in sales over November of 2019. For the sake of nostalgia, November 2019 posted as 14.2% sales increase over that same month in 2018. The trend has been going in the same direction for several years now, even during a pandemic and time-period of limited immigration. That is predicted to change next year when, at some point and when it’s safe again, the immigration floodgates will open. Durham Region will remain a popular destination for new home-owners.
CLICK HERE TO READ FULL NOVEMBER 2020 REPORT...OCTOBER 2020 MARKET WATCH
Strong Housing Demand Continues in Durham Region. The Conference Board of Canada expects the Oshawa Census Metropolitan Area (Whitby, Oshawa & Clarington) to post a healthy 5.8% advance in GDP in 2021, fuelled by strong housing growth. The October sales continue to show strong demand for housing throughout our Region.
CLICK HERE TO READ FULL OCTOBER 2020 REPORT...SEPTEMBER 2020 MARKET WATCH
September lands in the record books! The Toronto Region Real Estate Board Tabulated 11,083 sales; a new record for the month and an increase of 42.3% over September 2019!
CLICK HERE TO READ FULL SEPTEMBER 2020 REPORT...
CLICK HERE TO READ FULL AUGUST 2020 REPORT...
CLICK HERE TO READ FULL JULY 2020 REPORT...
The June housing market in Durham Region and across the GTA showed substantial muscle, both over the previous month of May and the same time period one year ago in June of 2019...
CLICK HERE TO READ FULL JUNE 2020 REPORT...
Sales in May across Durham Region reflected a 34.5% decrease over May of last year which is the story we’re now all familiar with. Volume is down significantly because of COVID-19 however if you drill down further you’ll see there are some interesting numbers coming out of our May performance. Let us explain...
CLICK HERE TO READ FULL MAY 2020 REPORT...
Average Sale Price remained unchanged for Durham Region in April from the same period a year ago. That’s the silver lining for this report! The price was $612,563.
From there the numbers go negative. When the Government mandates people to stay home, you can expect downward results so this is no surprise! At some future point, those numbers will rise again. When that will be, absolutely nobody can predict. Yet in spite of the stay at home orders, real estate was mandated an essential service and in April 513 properties changed hands in Durham Region. That number represented a 52% decline from April 2019 when 1,075 properties were sold.
CLICK HERE TO READ FULL APRIL 2020 REPORT...
As you can imagine, March was a month of ups and downs. The market-leading into March and through the first half was on fire. In Durham Region the Average Sale to List Price was a whopping 102%. Average Listing Days On Market was under two weeks at 13 days. The Sold to New Listing Ratio was firmly in Seller’s market territory at 60% in most places across the Region. The number of sales for the month as a whole came in at 1,101, a steep 31% increase over March of 2019. Average Sold Price was also up 8.5% year over year. The real estate market was firing on all 12 cylinders. Then, of course, COVID-19.
CLICK HERE TO READ FULL MARCH 2020 REPORT...
The Durham Region real estate market took another bounce in February with an increase in sales of a whopping 52% over the same month last year. For the same time period, Active Listings in the Region were down 31%! It’s easy to see what led to a substantial 13% increase in the Average Sale Price from February 2019 to February 2020.
CLICK HERE TO READ FULL FEBRUARY 2020 REPORT...
January Market Leaps Out Of The Gate:
The January, pre-Spring market is picking right up where the strong surge in Q4 2019 left off. Home sales through the TREB MLS system were up a resounding 15.4% over January, 2019 and increased 4.8% over this past December.
Tight inventory conditions continue to push prices up in Durham Region. With only 905 Active Listings in the Region, multiple offers prevail in the entry-level price range. Average Sale price in the Region increased by 13.5% over January, 2019 while the Average Sale Price across the GTA was up by 12.3%, showing the strength of the Durham Region market.
CLICK HERE TO READ FULL JANUARY 2020 REPORT...
DECEMBER 2019 MARKET WATCH
Real Estate Stats showed a strong performance to end the 2019 market year in Durham Region and a stark contrast to what we saw in December of 2018.
Over that time period, sales were up 16% in December 2019 compared to December, 2018 and the Average Sale Price was up by 9% to $640,269.00. Number of units sold in December increased from 446 units in Dec., 2018 to 518 units last month.
Over that time period, sales were up 16% in December 2019 compared to December, 2018 and the Average Sale Price was up by 9% to $640,269.00. Number of units sold in December increased from 446 units in Dec., 2018 to 518 units last month.
CLICK HERE TO READ FULL DECEMBER 2019 REPORT....
NOVEMBER 2019 MARKET WATCH
What a busy fall market its been and we continue to feel it into December. The decorations are still boxed away, the tree’s not up and shopping is a mere concept at this point! Even though this report reflects November’s activity, December continues to be a busy market. We’ve always said December/January represent the best time to buy a home. It seems Canadians are starting to listen!
