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.
New listings in the GTA were down 11.6% in October and reached a level for this month
not seen since 2010 however, in Durham Region, this was not the case. New listings
increased by just over 4% from October, 2021 and were almost even with the number of
new listings in September.
Average Sale Price came in at $893,673, a decline of 2.3% from September and down
an average of 9.6% from a year ago. The Average Sale Price across the GTA declined
by 5.7% compared to October, 2021.
The Average Days on Market stood at 16 Days as compared to 9 days this time last
year. Months of Inventory was 1.1 months. The Average Sale Price to List Price stood at
100% and the Sales to New Listings Ration came in at 58.1%. All of these indicators
point towards a balanced market.
What does a balanced market look like for Sellers and Buyers? With rising rates, a large
number of Buyers have been pushed to the sidelines. Those that remain are looking for
value. As a Seller, expect to compete and in order to do that effectively, you need to
price right and present right. Every detail needs to be attended to and there could be a
more prolonged marketing period. Choice of an agent is critically important as they must
have the capacity and budget to effectively market over a longer period of time.
For Buyers you must have your pre-approval in hand prior to looking at homes. This is
critical. Once you’ve accomplished that, the going gets easier. You’ll have fewer Buyers
to compete with and you can included conditions in your offer to protect yourself. You
can also negotiate price so you’ll want an agent who can constructively negotiate. If you
have the funds, it’s a good time to buy as prices have come down substantially from
their peaks last Spring.
Here are the Avg. Prices per area for all types of homes:
2022 2021 Difference
Ajax: $968,767 $1,055,495 - 8.2%
Brock: $805,653 $794,221 +1.4%
Clarington: $835,359 $960,923 - 13.1%
Oshawa: $782,227 $850,219 - 8%
Pickering: $981,563 $1,079,470 - 9.1%
Scugog: $958,500 $996,166 - 3.8%
Uxbridge: $1,100,627 $1,450,760 - 24.1%
Whitby: $991,905 $1,071,417 - 7.4%
