Condos dropped by 4%, Detached by 1% while Townhouses rose 1%

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December 2022 Market Update

Toronto & Durham Region

Durham Region Condos dropped by 4%, Detached by 1% while Townhouses rose 1% from November 2022. Semi-detached and condo townhouses are down approx. 5% from July 2022 however other property types have stabilized since.

Bank of Canada increased its interest rate by 50 basis points in December currently at 4.25%, and continues quantitative tightening. The next interest rate announcement is scheduled for January 25th. However they have hinted that this may be the last increase.

IMO Prices in most categories have stabilized and adjusted to a little higher than 2019 levels. If you are thinking of buying then right now is the time to buy. Interest rates have increased however house prices have dropped significantly requiring a lower down payment. If you are thinking of selling then contact me to prepare for the activity which will be starting up in March.

If you are thinking of selling or buying contact me if you need any Real Estate advice.

Clarington Market Update

Oshawa Market Update

Whitby Market Update

Ajax Market Update

Pickering Market Update

Toronto Market Update

Durham Region Overall

Durham Region Overview

Detached homes dropped by 1% and now only 0.5% lower than July 2022
Semi-detached dropped by 0.7% and are 5.7% lower than 6 months ago
Condo Townhouses gained 0.3% and now 4.3% lower than July
Condo Apartments dropped by 3.9% and currently 1.7% lower than 6 months ago
Link Properties gained 0.9% and are 1.7% higher than 6 months ago
Townhouses gained 1.1% and are now 0.7% lower than July 2022
Toronto Real Estate Market Stats Realtor