IT ’S GOOD TO BE A CANADIAN AND EVEN BETTER IF YOU LIVE IN THE DURHAM REGION!

In the real estate arena, we’re seeing a shift of seismic proportions; inventory has increased dramatically since March, with no end in sight to the deluge of listings entering the marketplace. It’s great news for buyers, who now have a selection of homes to choose from, and we hope that translates to a further influx in migration from Toronto to our area. For sellers, it means strategy and negotiation have never been more essential, and analyzing the competitive micro market is of paramount importance. Overall, we are slowly moving into a stable, mature market where gains are more realistic and the marketplace inventory is balanced. One thing is evident: it is essential to have strong, reliable and wise representation in this market; don’t let your family, friends and neighbours navigate these conditions without me! I promise you, their best interests will always be my chief priority.

1.    Durham Region’s population grew 9.3 per cent between 2018 to 2023, reaching 750,000 and is forecast to grow to 1.3 million by 2051.

2.    OPG began their project to relocate their corporate headquarters to Durham Region, bringing thousands of jobs into the region, with an expected opening in 2025.

3.    Two new post-secondary campuses opened in Durham Region: Trent University Durham GTA in downtown Oshawa and Queen’s Lakeridge Health MD Family Medicine Program at Lakeridge Health in Oshawa.

4.    Plans are underway to build four new GO transit stations for the Lakeshore East GO Extension, opening new opportunities for transportation and development.

THE MONTH OF JUNE IN REVIEW: 

In June, the Durham Region Association of REALTORS reported 877 residential sales in the Durham Region, down 3.5% from the 907 sales of the month before, and down 21 sales or 2.4%, from June 2023, when 898 sales were reported. Year-to-date we are up 3% in sales from the same period in 2023. Year to date, 4,850 sales have taken place on the MLS system for the Central Lakes Association of REALTORS.

The average selling price in the Durham Region for the month of June was $956,428 – another month-over-month improvement – though not by much; just a scant increase of $1,486 over May 2024. More notably, the average sale price was 4.5% lower than June 2023, when the average sale price was $999,787. However, year-to-date, we are still down 1% from 2023. 

The amount of new listing inventory coming onto the market in June was an impressive 2,232 units, up 7.25% or 150 units from May and up 20% from back in June 2023, when 1,860 new listings entered the market. Year-to-date we are up a whopping 23% in the number of listings coming onto the market compared to 2023. Even these numbers are a little misleading as they do not account for the large amount of terminations and suspensions of property, and then the re-listing of same, that we are currently witnessing. However, there is no question that inventory levels are surging. Year-to-date, 9,709 residential listings have entered the MLS market
on CLAR.

The average days on market for June rose to 22 days. The average days on market for all home sales so far in 2024 is 17 days. The average Sale Price to List Price Ratio (SP/LP) for all properties sold in June was still an impressive 103%. The SP/LP thus far for 2024 remains at 103%.

The Months of Inventory factor rose to 2.5 – this is very telling; we have officially dropped back into surplus territory. The Sales to New Listing Ratio (SNLR) for the month of June dropped significantly to 39.3%, a number that indicates we are currently trending as a buyer’s 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 Durham Region saw a dollar volume in sales of $838,787,035 in June -- making the year-to-date total 2% higher than the previous year-to-date for 2023. Whitby once again led the way, with a volume in excess of $195 million, making Whitby’s total 6% higher year-to-date than 2023, and its average sale price down 1% year-to-date from 2023. Oshawa placed an honourable second at $185 million, up 1% year-to-date from 2023 and down 2% year-to-date in average sale price. Clarington posted almost $141 million, with a year–to-date increase of 4% and an average sale price decrease of 2% year-to-date.

Source: CLAR

CURRENT MARKET UPDATE:

DATES TO REMEMBER:

July 20th - Canada Parks Day

July 21st - National Ice Cream Day

July 24th - National Cousins Day

July 30th - International Day of Friendship

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!