JUNE 2023 MARKET UPDATE
Friday Jun 02nd, 2023
Well… the market is never boring, let’s just start there. Time and again, our Canadian real estate market likes to remind us that it is a fully functioning, capitalistic, free market ecosystem – in constant flux, subject, of course, to various economic factors and marginally controlled by our democratic system of government, but overall, a force of its own, based almost exclusively on the whims and demands of consumers. Just like the stock market, real estate follows people’s spending habits, operates around their needs and wants, and of course, is powerfully impacted – for good or bad -- by their individual and collective confidence. After reviewing our first quarter of 2023, we can truly say this is an accurate depiction of our current housing climate.
5 of the 7 communities for the Durham Region are showing average prices over the one million dollar mark once again. And the average sale price numbers are climbing month over month once again, methodically eating up the gap established in Q3 and Q4 of 2022.
So where are we headed? The Durham Region is well positioned to handle any curve ball that outside economic forces may throw its way. People will always need a place to live and call home; Durham Region still offers the most affordable home ownership, beautiful, safe neighbourhoods and thriving employment sector in the GTA. We only see a path forward where our population continues to expand exponentially. And that means our housing products will stay in high demand.
We predict that the summer months will be strong this year for resale home sales, perhaps even markedly stronger than last year due to the ongoing shortage in inventory. The new home market however, could remain another story, as sales continue to lag and traffic remains low at sites across the area. People seem to feel very confident to buy now with a short window between purchase and closing; but ask them to look into the hazy unknown of 2024 and beyond and their certainty slips a little. It may take some more time before new home sales return to the epic production of 2021 and 2022.
As always, we are just a phone call, text or email away from helping you and your loved ones navigate this very complicated market. To date, RE/MAX JAZZ has helped over 15,000 families make their move, selling over one billion dollars worth of real estate each year. We can help you too.
DATES TO REMEMBER:
06.02 National Donut Day
06.05 World Environment Day
06.08 World Oceans Day
06.08 National Best Friend Day
06.18 International Picnic Day
06.18 Father’s Day
06.21 First Day of Summer/Summer Solstice 06.23 Take Your Dog To Work
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!