Will prices keep going down? Major correction in value over the past six months

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July 2022 Market Update

Toronto & Durham Region

Durham Region had the highest gains and now the highest correction with Detached homes down 29% from February 2022. Prices dropped another 8% in July from June 2022.

Will prices continue to go down?
Buyers are hoping prices continue to drop to affordable levels, while Investors are hoping prices drop due to recession expectations and another interest rate increase in September, so they could purchase cash flow positive properties.

On the other hand Sellers and Builders are sure prices will eventually go up as unemployment is at an all time low.
Sellers that are not desperate to sell are eventually going to be asking for higher values.
Builders will not build due to higher material costs if they cannot make a profit and eventually a low inventory situation will push prices higher.

IMO prices will only drop significantly if Sellers are forced to sell due to affordability and high unemployment rate, which we all hope never happens!

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 home prices dropped 8% in July from June 2022, now 29% lower the February prices.
Semi-Detached homes remained unchanged and are now 26% lower than 6 months ago.
Condo-Townhouses dropped 5% and are now 22% lower than February 2022.
Condo Apartments dropped 15% but have dropped only 17% from February 2022.
Link Homes dropped 6% and now are 20% lower than 6 months ago.
Townhouses dropped another 3% and are now sitting at 25% lower than February 2022.
Ajax Realtor