Real Estate Prices slightly drop in certain areas such as Clarington, Oshawa. While stabilizing in Whitby and recovering in Pickering. Ajax however declined the most by dropping another 10% from the month of May 2022. The Bank of Canada has scheduled another increase of its target for the overnight rate continuing its policy of quantitative tightening (QT).

Mortgage agents are reporting 9 out of 10 deals are not appraising for the offer amount, making it more difficult for buyers to close transactions. Perfect example is a Buyer I know whose appraisal came $200,000 short. The property was re appraised one month later for financing and came $300,000 short. The buyer had no choice but to walk away and take his chances.

There is still a high demand for homes and good properties in Durham are still getting multiple offers. As long as the property is priced according to current market values.

If you are thinking of Selling in the current market or Buying and want a safe closing, make sure you do your due diligence and pick your Realtor wisely. I strongly believe its time to include a condition of finance in your offer unless you have a large deposit to cover a lower appraisal by the bank.