Market conditions are balancing compared to earlier this year and buyers are benefiting from options. Durham Region has many neighbourhoods and communities with ideal options for buyers. The number of days on market increased to 15 days in July, a 25 percent increase compared to last month. This is important to note as an increase allows time for home inspections, financing, showings and other considerations.
We are moving towards a balanced market and July is historically a slower month and with fewer restrictions on travel, there seems to be a break from the fast-past market we have been previously experiencing.
“Higher borrowing costs have impacted the housing market resulting in cooling prices, but the largest long-term issue remains supply. Low housing supply, a growing population and demand for homeownership continue to put pressure on the market.”
The population in Durham Region continues to experience strong growth trending upwards. The Region saw an 8 percent increase from 2016 to 2021 with Clarington leading the municipalities with a 10.2 percent increase.
For more information, please feel free to contact me! 289.354.1129