WELCOME TO THE ABTEAM JANUARY BLOG!

HAPPY NEW YEAR! 

As we usher in another real estate cycle with the dawn of 2025, it is my hope that the year will be filled with strong economic growth, financial market stability and geopolitical resolutions that will work together to bring about a time of great confidence for Canadian buyers and sellers, positively affecting the real estate market across our country and heralding increased investment in land development and new housing projects to support our population.  After all, real estate is, and has always been, the very backbone of all thriving countries, and ours is no different. 

Every year we look forward to setting our business goals right out of the gate on January 1st, and this year is just the same. With the tools and resources of RE/MAX Jazz, the co-operation of our colleagues, the endorsement of our clients, and the support of our family and friends, 2025 is sure to be another successful year for us in our real estate career, and hopefully, even our best yet. Serving homebuyers and sellers in Durham Region is our absolute passion and we are proud of what we do. It’s thanks to the amazing relationships we have with wonderful people like you that we can do what we love every day. Thank you for your trust in us.  

We believe that a large portion of our value stems from our commitment to being your trusted source for what’s happening in the real estate market on an ongoing basis. Staying current, educated and informed keeps us relevant to you and your loved ones, and that is always our goal.  

As 2025 emerges, the trends we are expecting to see in the real estate industry are all very positive. We've included our own synopsis of the Canadian wide outlook, as well as a focus on the GTA, culled from trusted sources, experts and reports that we follow regularly. In the Durham Region, our market should be a very healthy one, and any shift in those dynamics will be quickly identified by our team at RE/MAX Jazz and relayed to you, since we are the highest performing brokerage in the area for the last fourteen years.  Our position of strength makes us nimble and proactive, and that benefits our clients to no small degree. We so appreciate the privilege of serving you and your loved ones in the coming years and I thank you in advance for referring our name to those who are dear to you. It is an honour to be your real estate advisor, facilitator and advocate! Cheers to 2025!  

OUR PERSPECTIVE FOR 2025: 

For 2025, we are anticipating a more robust resale market fueled by lowering interest rates. We believe more buyers will enter the market in 2025 as rate conditions continue to improve. That will, in time, reduce our current surplus of inventory significantly, creating another demand based market, especially at the entry level. Average sale prices will rise and conditions will tighten once again. A return to multiple offer scenarios across most freehold price points is well within reason and should be expected as the year ages. Our geographic position (which offers the best of all worlds in the GTA) combined with our relative affordability compared to Toronto proper, and our plethora of detached and freehold dwellings are altogether the perfect trifecta to keep buyers moving to our beautiful Durham Region. Never underestimate the power of this fact: Canada needs to build six million new dwellings by 2030 to achieve housing affordability. That affects us all.

R E / M A X  C A N A D A  H O U S I N G  O U T L O O K  F O R  2 0 2 5:

Canadians are looking ahead to 2025 with a positive outlook on the housing market, prompted by a series of interest rate cuts in the latter part of 2024. RE/MAX Canada is expecting a more active market next year, with the national average residential price likely to increase by 5%, and sales anticipated to rise, with sales increases of up to 25%. This renewed confidence in the market is notably being felt by first-time homebuyers. RE/MAX Canada noted that first-time homebuyers were the key demographic anticipated to drive market activity in 2025. As a result of economic conditions impacting markets across the country, Ontario is anticipating average residential sale price increases across the province. Due to low supply and lack of affordable housing, Toronto expects a slight price increase of 0.1%. Prices are expected to increase 5% in Durham and Peterborough, and 4% in Kawartha Lakes. Like Western Canada, Ontario is expecting a mix of market types in 2025 as different regions adjust to lower interest rates. The majority of regions are expected to be balanced markets including the City of Toronto and Durham Region. Meanwhile, Peterborough and Kawartha Lakes are expected to be buyers’ markets. Despite ongoing affordability and inventory challenges across multiple markets, buyer confidence is returning as first-time homebuyers and sidelined buyers in Ontario feel the impact of lower mortgage rates and the new 30-year amortizations. As a result, the majority of regions anticipate first-time homebuyers will drive market activity in 2025, with the exception of larger regions in Southern Ontario -- including Toronto-- which predict move-up buyers will drive market activity due to the higher home prices for entry level properties.

THE MONTH OF DECEMBER IN REVIEW:

In December, the Central Lakes Association of REALTORS reported 404 residential sales in the Durham Region, dropping 45.5% from the impressive 739 of the previous month, and down 14% from the 468 posted for December 2023.  Historical data confirms a decline in sales volume for every December from the previous month, which is understandable.

The average selling price in the Durham Region for the month of December was $999,787 -- an increase of 3% over the previous month and increase of 8% from December 2023. Historically, it isn’t typical to see month-over-month gains at the end of the year. 

The amount of new listing inventory coming onto the market in December was 486 units, up 14 units from the 472 in the same period the year before. The Durham Region finished out 2024 with 1,242 Active Listings on the market as we entered 2025. 

The current Months of Inventory factor sits at 3.1, indicative of the surplus of inventory that is sitting on the market. Interestingly, the Sales to New Listing Ratio (SNLR) for the month of December was off the chart at 83%, with sales vastly outstripping the number of new listings entering the market. Typically, ratios between 40%and 60% reflect market balance, with anything below that range suggesting a market that favours buyers and anything above it, a market that benefits sellers. The takeaway: buyers are choosing to pursue the newest offerings to hit the market and are bypassing older inventory. Source: CLAR

CURRENT MARKET UPDATE:

UPCOMING DATES TO REMEMBER:

JANUARY 20TH - MARTIN LUTHER KING JR. DAY

JANUARY 21ST - NATIONAL HUG DAY

JANUARY 24TH - COMPLIMENT DAY

JANUARY 29TH - CHINESE NEW YEAR

FEBRUARY 16TH - THE ANDERSON BRUNI 3RD ANNUAL FAMILY SKATE DAY EVENT (STAY TUNED FOR YOUR INVITATION)

As always, we are sincerely grateful for the opportunity to serve your real estate needs, and those of your family and friends, neighbours and co-workers.  It is a constant thrill to receive personal recommendations from our clients, and we have been so fortunate to be able to build our business on our name and reputation – and it’s all thanks to you!