Durham Region detached homes dropped another 3% in average value to $976,721 from September 2022. Semi-Detached and Condo Townhouses had no change in value, while Townhouses and Link properties increased by 2% and 5% respectively.
Bank of Canada increased its interest rate by another 50 basis points, continues quantitative tightening.
IMO we have hit the bottom in real estate value and we are in the time of season with the lowest sales in Real Estate. I believe prices will hold steady as they have for the past few months till February. Starting March 2023 Real Estate Market will pickup with activity as they do every year and since there is still a high demand for homeownership prices will start going back up.
If you are thinking of selling I would recommend holding off till March 2023 if you can, If you are thinking of buying, right now is the time!
Contact me if you need any Real Estate advice.
Durham Area Detached homes dropped 11% since May and 3% since Sept
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OCTOBER 2022 Market Update
Toronto & Durham Region
Bank of Canada increased its interest rate by another 50 basis points, continues quantitative tightening.
IMO we have hit the bottom in real estate value and we are in the time of season with the lowest sales in Real Estate. I believe prices will hold steady as they have for the past few months till February. Starting March 2023 Real Estate Market will pickup with activity as they do every year and since there is still a high demand for homeownership prices will start going back up.
If you are thinking of selling I would recommend holding off till March 2023 if you can, If you are thinking of buying, right now is the time!
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
Semi-detached homes kept its value and only 7% lower than May
Condo Townhouses also kept their value and only 8% lower than May 2022
Condo Apartments dropped by 3% and now 13% lower than 6 months ago
Link properties gained 5% and now 9% lower than 6 months ago
Townhouses gained 2% and now 10% lower than 6 months ago