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!
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
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
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.