Durham Region Real Estate Blog

Information, news, stats and more for Clarington, Oshawa, Whitby and surrounding areas

 

Durham Region Real Estate Daily Market

Update

Monthly Market Report follows the daily figures on this post.


Durham Region Real Estate Market Update


Latest update - December 1, 2021 at 10:15am



The real estate market in Durham Region continues to outperform most GTA markets, with very low inventory, low interest rates, and strong buyer demand resulting in selling prices near all-time record levels. 


Durham Region Real Estate Sellers Market


Supply is extremely low, with 0.4 months of inventory (MOI) for the region. (This means that at the current pace of sales, with no new listings, all inventory would be sold within this time frame).


Oshawa and Whitby have 0.3 MOI.


In November, transactions reported thus far had selling prices averaging 1,007,763 in Durham Region, with the average property selling at 118.6% of list price (SP/LP). This is a 2.0% increase from last month and a 31.9% increase from last year.


Detached home prices Durham Region



Durham Region Real Estate Home Prices


If you look at the selling price to list price ratios in the top chart, most communities are showing sales at levels well above list price. The following chart shows the trend - another key indicator of why the market is so hot right now.


Durham Region Market Report Selling Price to List Price


Days on market (DOM) averaged 8.8 days. DOM is the number of days it takes for a property to be sold firm, or without conditions.


New listings are now hitting the market at a stronger pace than they were in July and August, which should help buyers that have been frustrated by the lack of homes to choose from. Sales have been keeping up, however, effectively leaving inventory levels very low.


Should new listings rise at a pace that is faster than current sales, then there would be more inventory for the pool of buyers to choose from, which will have the effect of reducing the sale price to list price ratio, then months of inventory stat, which leans the market closer to a balanced market.


During the drop-off in sales volume due to the first wave of COVID, active listings remained high as sales volume dropped and prices fell off substantially. More recently, sales volume has been more in line with the number of active listings, which is why prices have increased or stayed stable.

Durham-Region-Real-Estate-Active-Listings


The pace of sales was at 34.0 units per day - down 2.7% from last month and down 5.8% from the same period last year.


Durham Region Real Estate Market Sales Volume



Buyers will find multiple offers common through most price points. They are highly advised to get prepared - have their mortgage preapproval ready before looking at homes, and be prepared to view homes via photos and virtual tours as soon as they reach the market. Speak with your agent to discuss the process to move forward.


Sellers should be considering getting on the market now or soon, and working with their agent to set their home apart from competitive listings while reaching the widest possible audience.


If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me. As always, give me a call anytime if you would like to discuss this further without any obligation.


MONTHLY MARKET REPORT



Durham Region Real Estate Prices 2021



As the colder weather set in for October, the Durham Region real estate market stayed hot, with prices jumping to a new all-time high. Sales volume tapered off from earlier months, but buyer competition was evident as inventory levels simply could not satiate demand.


While supply remains at critically low levels in relation to sales volume, there is some good news for buyers. Active listings have picked up, as is to be expected in the fall.


What has also picked up, however, is competition on the listings that are selling, showing that there is still intense interest from buyers in the market. As a result, prices are continuing to see upward pressure.


October 2021 Durham Region Real Estate Market Report


Scarce inventory combined with low interest rates and strong demand for homes in Durham Region was once again evident in the results, with sale prices rising to all-time highs.


Price


Prices in Durham rose by 33.5% since October 2020 and increased 2.1% since September 2021. 


The latest market statistics show the average Durham property at $988,354  - up versus last month's 968,136 by 20,218 (+2.1%).



Search Durham Listings with sold prices


Inventory


Active listings in Durham Region were 490 at the time this report was compiled. That is a 35.4% decrease from last year and a 16.2% decrease from September.


There were 0.5 months of inventory at the end of October (trend figure, per TRREB), once again increasing buyer competition at properties at virtually all price points. The figure for all of TRREB was 1.0, and 1.3 for Toronto.



Volume


Sales volume in Durham Region decreased 26.9% from last year with 1047 units sold versus 1377 last October. Last October was the previous highest volume on record for that month and reflects the market surge coming out of the first COVID-19 lockdown.


The time a property takes to sell is called DOM or days on market. It was 9 in October.


A key indicator of demand is sale price compared to list price. It was 115% in Durham in October, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price. This figure was sharply higher than other regions in the GTA, which averaged 107% overall.


These factors combined are still very strong metrics for sellers, as it shows that not only is current inventory moving at a rapid pace, but it is also selling at a price that is well over list.


Durham Region Prices by Home Type


Durham Region Detached Home Prices 2021


Durham Region Detached Home Prices 2021


Durham Region Townhouse Prices 2021


Durham Region Condo Prices 2021


Durham Real Estate Market Statistics by City

Clarington Real Estate Market Report 2021



Oshawa Real Estate Market Report 2021


Whitby Real Estate Market Report 2021



Ajax Real Estate Market Report 2021



Pickering Real Estate Market Report 2021


Scugog Real Estate Market Report 2021

Uxbridge Real Estate Market Report 2021


If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me.   As always, give me a call anytime if you would like to discuss further without any obligation.


 

John Owen

Broker, REALTOR®, RE/MAX Impact Realty

905-434-0067


* - shading in the top chart signifies buyer or seller leaning stats - red is seller, blue is buyer with more intense shading signifying stronger impact.


Statistics are compiled from TRREB MLS® system, and may change as more sales are reported, errors corrected and deals that do not close are removed.



Want to keep updated on Durham Real Estate? 

       



Older Reports

September 2021

August 2021

July 2021

June 2021

May 2021

March 2021

February 2021

January 2021

December 2020

October 2020

September 2020

August 2020


Other Regions


Northumberland Region Real Estate Market Report

Peterborough Region Real Estate Market Report




More are in the archive. 


Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).

      

Read full post

Durham Region Real Estate - Sales Report September 2021

MONTHLY MARKET REPORT



Durham Region Real Estate Prices 2021



Now that the summer has passed, along with a federal election that had housing as a focal issue, it looks like people are getting back to the business of buying homes.


While supply remains at critically low levels in relation to sales volume, there is some good news for buyers. Active listings have picked up, as is to be expected in the fall.


What has also picked up, however, is competition on the listings that are selling, showing that there is still intense interest from buyers in the market. As a result, prices are continuing to see upward pressure.


September 2021 Durham Region Real Estate Market Report


Low inventory combined with low interest rates and strong demand for homes in Durham Region was once again evident in the results, with sale prices rising to all-time highs.


Price


Prices in Durham rose by 31.9% since September 2020 and increased 5.4% since August 2021. 


The latest market statistics show the average Durham property at $968,136  - up versus last month's 918,133 by 50,003 (+5.4%).



Search Durham Listings with sold prices


Inventory


Active listings in Durham Region were 585 at the time this report was compiled. That is a 54.2% decrease from last year and a 22.6% increase from August.


There were 0.5 months of inventory at the end of September (trend figure, per TRREB), once again increasing buyer competition at properties at virtually all price points.



Volume


Sales volume in Durham Region decreased 29.8% from last year with 1006 units sold versus 1492 last September. Last September was the highest volume on record for that month and reflects the market surge coming out of the first COVID-19 lockdown.


The time a property takes to sell is called DOM or days on market. It was 9 in September.


A key indicator of demand is sale price compared to list price. It was 115% in Durham in September, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price. This figure was sharply higher than other regions in the GTA, which averaged 106% overall.


These factors combined are still very strong metrics for sellers, as it shows that not only is current inventory moving at a rapid pace, but it is also selling at a price that is well over list.


Durham Region Prices by Home Type


Durham Region Detached Home Prices 2021


Durham Region Detached Home Prices 2021


Durham Region Townhouse Prices 2021


Durham Region Condo Prices 2021


Durham Real Estate Market Statistics by City

Clarington Real Estate Market Report 2021



Oshawa Real Estate Market Report 2021


Whitby Real Estate Market Report 2021



Ajax Real Estate Market Report 2021



Pickering Real Estate Market Report 2021


Scugog Real Estate Market Report 2021

Uxbridge Real Estate Market Report 2021


If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me.   As always, give me a call anytime if you would like to discuss further without any obligation.


 

John Owen

Broker, REALTOR®, RE/MAX Impact Realty

905-434-0067


* - shading in the top chart signifies buyer or seller leaning stats - red is seller, blue is buyer with more intense shading signifying stronger impact.


Statistics are compiled from TRREB MLS® system, and may change as more sales are reported, errors corrected and deals that do not close are removed.



Want to keep updated on Durham Real Estate? 

       



Older Reports

August 2021

July 2021

June 2021

May 2021

March 2021

February 2021

January 2021

December 2020

October 2020

September 2020

August 2020


Other Regions


Northumberland Region Real Estate Market Report

Peterborough Region Real Estate Market Report




More are in the archive. 


Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).

      

Read full post

Durham Region Real Estate Daily Market

Update

Monthly Market Report follows the daily figures on this post.


Durham Region Real Estate Market Update


Latest update - October 4, 2021 at 10:15am


The real estate market in Durham Region continues to outperform most GTA markets, with low inventory, low interest rates, and strong buyer demand resulting in prices rising to all-time record levels. 


Durham Region Sellers Market

Supply is very low, with 0.6 months of inventory (MOI) for the region. (This means that at the current pace of sales, with no new listings, all inventory would be sold within this time frame).


Ajax and Whitby have 0.4 MOI.



In September, transactions reported thus far had selling prices averaging 973,089 in Durham Region, with the average property selling at 114.9% of list price (SP/LP). This is a 6.0% increase from last month and a 32.7% increase from last year.



Durham Region Real Estate Prices



Durham Region Real Estate Prices All Time High

Above is a two-year chart showing how selling prices have jumped since the low point during the first covid-19 shutdown (April 2020).


If you look at the selling price to list price ratios in the top chart, most communities are showing sales at levels well above list price. The following chart shows the trend - another key indicator of why the market is so hot right now.


Durham Region Market Report Selling Price to List Price


Days on market (DOM) averaged 9.1 days. 


Inventory levels are starting to trend higher than they were in July and August, which should help buyers that have been frustrated by the lack of homes to choose from.


Should new listings rise at a pace that is faster than current sales, then there would be more inventory for the pool of buyers to choose from, which will have the effect of reducing the sale price to list price ratio, then months of inventory stat, which leans the market closer to a balanced market.


During the drop-off in sales volume due to the first wave of COVID, active listings remained high as sales volume dropped and prices fell off substantially. More recently, sales volume has been more in line with the number of active listings, which is why prices have increased or stayed stable.


Durham-Region-Real-Estate-Active-Listings


Durham Region Real Estate Market Sales Volume


The pace of sales was at 34.1 units per day - down 2.4% from last month and down 31.2% from the same period last year.


Buyers will find multiple offers common through most price points. They are highly advised to get prepared - have their mortgage preapproval ready before looking at homes, and be prepared to view homes via photos and virtual tours as soon as they reach the market. Speak with your agent to discuss the process to move forward.


Sellers should be considering getting on the market now or soon, and working with their agent to set their home apart from competitive listings while reaching the widest possible audience.


If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me. As always, give me a call anytime if you would like to discuss this further without any obligation.


MONTHLY MARKET REPORT



Durham Region Real Estate Prices 2021



Normally, August is a quiet month for the real estate market in Durham. From a sales volume perspective, it was. In many other aspects, it wasn't.


Now that we are approaching a federal election on Sept 20, there is even more media focus on the residential real estate market. 


Housing affordability is one of the most actively discussed topics, with many articles, platform promises, and media opinions being dropped on a daily basis.


One thing that everyone is in agreement on is that there isn't enough supply in the market to satisfy demand. This is key to the problem. Without more supply, it would be very difficult to address home values.


August 2021 Durham Region Real Estate Market Report


Low inventory combined with low interest rates and strong demand for homes in Durham Region was once again evident in the results, with sale prices rising to all-time highs.


Price


Prices in Durham rose by 25.1% since August 2020 and increased 0.9% since July 2021. 


The latest market statistics show the average Durham property at $918,133  - up versus last month's 910,197 by 7,936 (+0.9%).



Search Durham Listings with sold prices


Inventory


Active listings in Durham Region were 477 at the time this report was compiled. That is a 47.7% decrease from last year and a 17.2% decrease from July.


There were 0.5 months of inventory at the end of August (trend figure, per TRREB), once again increasing buyer competition at properties at virtually all price points.



Volume


Sales volume in Durham Region decreased 27.1% from last year with 1048 units sold versus 1515 last August. Last August was the highest volume on record for the month of August and reflects the market surge coming out of the first COVID-19 lockdown.


The time a property takes to sell is called DOM or days on market. It was 10 in August.


A key indicator of demand is sale price compared to list price. It was 112% in Durham in August, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price.


These factors combined are still very strong metrics for sellers, as it shows that not only is current inventory moving at a rapid pace, but it is also selling at a price that is well over list.


Durham Region Prices by Home Type


Durham Region Detached Home Prices 2021


Durham Region Detached Home Prices 2021


Durham Region Townhouse Prices 2021


Durham Region Condo Prices 2021


Durham Real Estate Market Statistics by City

Clarington Real Estate Market Report 2021



Oshawa Real Estate Market Report 2021


Whitby Real Estate Market Report 2021



Ajax Real Estate Market Report 2021



Pickering Real Estate Market Report 2021


Scugog Real Estate Market Report 2021

Uxbridge Real Estate Market Report 2021


If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me.   As always, give me a call anytime if you would like to discuss further without any obligation.


 

John Owen

Broker, REALTOR®, RE/MAX Impact Realty

905-434-0067


* - shading in the top chart signifies buyer or seller leaning stats - red is seller, blue is buyer with more intense shading signifying stronger impact.


Statistics are compiled from TRREB MLS® system, and may change as more sales are reported, errors corrected and deals that do not close are removed.



Want to keep updated on Durham Real Estate? 

       



Older Reports

July 2021

June 2021

May 2021

March 2021

February 2021

January 2021

December 2020

October 2020

September 2020

August 2020

July 2020



Other Regions


Northumberland Region Real Estate Market Report

Peterborough Region Real Estate Market Report




More are in the archive. 


Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).

      

Read full post

Durham Region Real Estate Daily Market

Update

Monthly Market Report follows the daily figures on this post.


Durham Region Real Estate Market Update


Latest update - September 2, 2021 at 9:30am


The real estate market in Durham Region continues to outperform most GTA markets, with low inventory, low interest rates, and strong buyer demand resulting in prices rising to near all-time record levels. Volume continues to drop off from earlier highs in the year, though it is expected to be lower in the summer months.


Durham Region Sellers Market

Supply is very low, with 0.5 months of inventory (MOI) for the region. (This means that at the current pace of sales, with no new listings, all inventory would be sold within this time frame).


Whitby has just 0.3 MOI and Ajax has 0.4 MOI.



In August, transactions reported thus far had selling prices averaging 914,791 in Durham Region, with the average property selling at 112.6% of list price (SP/LP). This is a 0.5% increase from last month and a 24.6% increase from last year.



Durham Region Real Estate Prices


If you look at the selling price to list price ratios in the top chart, most communities are showing sales at levels well above list price. The following chart shows the trend - another key indicator of why the market is so hot right now.


Durham Region Market Report Selling Price to List Price


Days on market (DOM) averaged 10.2 days. 


Inventory levels are now trending lower than in the past couple of months.


Should new listings rise at a pace that is faster than current sales, then there would be more inventory for the pool of buyers to choose from, which will have the effect of reducing the sale price to list price ratio, then months of inventory stat, which leans the market closer to a balanced market.


During the drop-off in sales volume due to the first wave of COVID, active listings remained high as sales volume dropped and prices fell off substantially. More recently, sales volume has been more in line with the number of active listings, which is why prices have increased or stayed stable.


Durham-Region-Real-Estate-Active-Listings


Durham Region Real Estate Market Sales Volume


The pace of sales was at 34.7 units per day - down 2.5% from last month and down 28.8% from the same period last year.


Buyers will find multiple offers common through most price points. They are highly advised to get prepared - have their mortgage preapproval ready before looking at homes, and be prepared to view homes via photos and virtual tours as soon as they reach the market. Speak with your agent to discuss the process to move forward.


Sellers should be considering getting on the market now or soon, and working with their agent to set their home apart from competitive listings while reaching the widest possible audience.


If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me. As always, give me a call anytime if you would like to discuss this further without any obligation.


MONTHLY MARKET REPORT



Durham Region Real Estate Prices 2021



July this year was a more 'typical' July for Durham Region's real estate market.


With prices reaching record levels this year, there has been a lot of media attention on the market, with economists, government, and journalists warning of a sharp downturn in housing prices over the last year, as affordability and the economic effects of COVID would combine to pull the rug out from the momentum of the market.


The federal government jumped in at the start of June, with tighter mortgage qualification criteria, hoping to stifle buyer demand, as tight supply combined with low interest rates contributed to rising prices in the GTA and across the country.


Prices have come down, though ever-so-slightly in July. So with volume down, why are prices still so high? Read on to find out.


July 2021 Durham Region Real Estate Market Report

Low inventory combined with low interest rates and strong demand for homes in Durham Region were once again evident in the results, with sale prices still very close to all-time highs.


Price


Prices in Durham rose by 28.3% since July 2020 and dropped 0.8% since June 2021. 


The latest market statistics show the average Durham property at $910,197  - down versus last month's 917,267 by 7,070 (-0.8%).



Search Durham Listings with sold prices


Inventory


Active listings in Durham Region were 576 at the time this report was compiled. That is a 39.9% decrease from last year and a 19.1% decrease from June.


There were 0.6 months of inventory at the end of July (trend figure, per TRREB), once again increasing buyer competition at properties at virtually all price points.



Demand


Sales volume in Durham Region decreased 10.0% from last year with 1104 units sold versus 1583 last July. Last July was the highest volume on record for the month of July, and reflects the market surge coming out of the first COVID-19 lockdown.


The time a property takes to sell is called DOM or days on market. It was 11 in July.


Another indicator of demand is sale price compared to list price. It was 111% in Durham in July, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price.


These factors combined are still very strong for sellers, as it shows that not only is current inventory moving at a rapid pace, but it is also selling at a price that is well over list.


Durham Region Prices by Home Type


Durham Region Detached Home Prices 2021


Durham Region Detached Home Prices 2021


Durham Region Townhouse Prices 2021


Durham Region Condo Prices 2021


Durham Real Estate Market Statistics by City

Clarington Real Estate Market Report 2021



Oshawa Real Estate Market Report 2021


Whitby Real Estate Market Report 2021



Ajax Real Estate Market Report 2021



Pickering Real Estate Market Report 2021


Scugog Real Estate Market Report 2021

Uxbridge Real Estate Market Report 2021


If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me.   As always, give me a call anytime if you would like to discuss further without any obligation.


 

John Owen

Broker, REALTOR®, RE/MAX Impact Realty

905-434-0067


* - shading in the top chart signifies buyer or seller leaning stats - red is seller, blue is buyer with more intense shading signifying stronger impact.


Statistics are compiled from TRREB MLS® system, and may change as more sales are reported, errors corrected and deals that do not close are removed.



Want to keep updated on Durham Real Estate? 

       



Older Reports

June 2021

May 2021

March 2021

February 2021

January 2021

December 2020

October 2020

September 2020

August 2020

July 2020

June 2020

April 2020

March 2020



More are in the archive. 


Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).

      

Read full post

MONTHLY MARKET REPORT



Durham Region Real Estate Prices 2021



June was an interesting month for Durham Region's real estate market.


There has been a lot of media attention on the market, with economists, government, and journalists warning of a sharp downturn in housing prices over the last year, as affordability and the economic effects of COVID would combine to pull the rug out from the momentum of the market.


The federal government jumped in at the start of June, with tighter mortgage qualification criteria, hoping to stifle buyer demand, as tight supply combined with low interest rates contributed to rising prices in the GTA and across the country.


Yet, here we are again, with another record month for selling prices in Durham Region. Sales volume is down sharply from the peak hit in March. So with volume down, why are prices still climbing? Read on to find out.


June 2021 Durham Region Real Estate Market Report

Low inventory combined with low interest rates and strong demand for homes in Durham Region were once again evident in the results, with sale prices again reaching all-time highs.


Price


Prices in Durham rose by 33.8% since June 2020 and increased 1.7% since May 2021. 


The latest market statistics show the average Durham property at $917,267  - up versus last month's 902,135 by 15,132 (+1.7%).



Search Durham Listings with sold prices


Inventory


Active listings in Durham Region were 712 at the time this report was compiled. That is a 30.7% decrease from last year and a 19.9% decrease from May.


There were 0.6 months of inventory at the end of June (trend figure, per TRREB), once again increasing buyer competition at properties at virtually all price points.



Demand


Sales volume in Durham Region increased 22.9% from last year with 1425 units sold versus 1281 last June. This is the highest volume on record for the month of June.


The time a property takes to sell is called DOM or days on market. It was 10 in June.


Another indicator of demand is sale price compared to list price. It was 111% in Durham in June, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price.


These factors combined are a good barometer for sellers, as it shows that not only is current inventory moving at a rapid pace, but it is also selling at a price that is well over list.


Durham Region Prices by Home Type


Durham Region Detached Home Prices 2021


Durham Region Detached Home Prices 2021


Durham Region Townhouse Prices 2021


Durham Region Condo Prices 2021


Durham Real Estate Market Statistics by City

Clarington Real Estate Market Report 2021



Oshawa Real Estate Market Report 2021


Whitby Real Estate Market Report 2021



Ajax Real Estate Market Report 2020



Pickering Real Estate Market Report


Scugog Real Estate Market Report

Uxbridge Real Estate Market Report 2020


If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me.   As always, give me a call anytime if you would like to discuss further without any obligation.


 

John Owen

Broker, REALTOR®, RE/MAX Impact Realty

905-434-0067


* - shading in the top chart signifies buyer or seller leaning stats - red is seller, blue is buyer with more intense shading signifying stronger impact.


Statistics are compiled from TRREB MLS® system, and may change as more sales are reported, errors corrected and deals that do not close are removed.



Want to keep updated on Durham Real Estate? 

       



Older Reports

May 2021

March 2021

February 2021

January 2021

December 2020

October 2020

September 2020

August 2020

July 2020

June 2020

April 2020

March 2020



More are in the archive. 


Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).

      

Read full post

Durham Region Property Tax Rates 2021 Oshawa Clarington Whitby



Durham Region Property Tax Rates 2021 - Clarington, Oshawa, Whitby, Ajax, Pickering, Scugog, Uxbridge

Municipalities across the GTA typically have budgets completed and approved by April 30 of each year. The province also completes the education levy, which is included in the municipal tax rate, by this time. Tax rates are published after this date and will be updated here once available.


Following are 2021 Municipal Tax Rates:



If you notice that a municipality that is missing from the above chart has posted its rates, please send me a message, and I will update this post.


Following are the 2020 Municipal Tax Rates.




The rates listed in some of the communities that are located outside of the GTA might help to placate those who think they have the highest tax rates. The grass isn't always greener!


If you look at the average property in each city, the difference in assessed values for similar properties actually makes our area comparable in municipal taxes paid to other GTA cities.


How Much Durham Home Worth


Understanding the municipal tax process


First, we need to understand that our municipal governments have to provide similar services, regardless of how much our properties are worth. In virtually all budgets, the number one expense is for the salaries of public employees - police, fire, EMS, municipal workers, road maintenance, etc. Those people make roughly the same amount from one community to the next.


In those cities with higher average property values, they can apply a lower tax rate to come up with a similar amount of revenue. Of course, there will be differences based on population size and other factors, but you get the idea.


Without delving too much into the process, they establish a budget, and determine from that how much revenue needs to come from property taxes. They then adjust what is called the millage (or mill) rate of each property type to come up with the amount needed to reach the revenue target.


Changes to the assessment value and rate each year are designed to be revenue-neutral. This means that when your MPAC assessment increases, it will be multiplied by a lower tax rate to come up with the same amount of tax. Of course, this assumes that you haven't made any material change to your property, and also that the municipality hasn't increased it's budget. Budgets do increase, for inflation and changes in service levels.



Toronto vs. Oshawa Taxes


For example, the City of Toronto has one of the lowest rates in the province. That may sound wonderful, but when you take into account that it also has one of the highest property assessment averages, the actual amount of municipal tax you pay there isn't much different than in other places.  For example, the average assessment for a single family home in 2016 was $770,000 in Toronto, and in Oshawa, it was $356,000.  


  • Toronto $770,000 times 0.688% or $5,298
  • Oshawa $356,000 times 1.561% or $5,557

Assessments are completed every 4 years by the Municipal Property Assessment Corporation (MPAC). An increase to the assessment value of a home is phased in over a 4 year period, whereas a decrease is applied immediately when calculating taxes.


Also, when you buy a property in Toronto, you must also pay a Municipal Land Transfer Tax on top of the Provincial Land Transfer Tax.  This is a particularly heavy burden for this market, as it adds more to the closing costs that need to be saved for along with the down payment, making it even more difficult in one of the most expensive areas for real estate in Canada.

How property taxes impact the average homeowner


Using the information from the previous table, and average property assessment values for 2016 (MPAC statistics), let's see how the average single family home fares:


 City       

     Average 

Value 

 

Rate 

2016 

 

Property  Tax 

 Toronto   $770,000   0.688   $5,298 
 Mississauga 736,000  0.874  6,433 
 Markham 991,000  0.783  7,760 
 Richmond  Hill 1,028,000  0.811  8,337 
 Oshawa 356,000  1.561  5,557 
 Whitby 533,000  1.294  6,897 
 Pickering  563,000  1.266  7,128 
 Ajax 511,000  1.266  6,469 
 Clarington  402,000  1.330  5,347 
 Scugog 414,000  1.213  5,022 


Of course, these figures only represent averages. On higher-end properties, the rates will have a bigger impact. The rates are also different for different property types, and there are many variations of classes in commercial and industrial properties.  If you have a question regarding another type, or another municipality in the area, you can contact me and I would be happy to explain further.






Related articles:


Property Tax Calculator - Durham Region


Why are Property Tax Rates so High in Oshawa?



Read full post

Durham Region Real Estate Daily Market

Update

Monthly Market Report follows the daily figures on this post.


Durham Region Real Estate Market Update


Latest update - July 4, 2021 at 2:45pm



The real estate market in Durham Region continues to beat expectations, with low inventory, low interest rates, and strong buyer demand resulting in prices rising to all-time record levels.


Watch out for the effects of the new mortgage stress test rules and rising interest rates!


Durham Region Sellers Market

Supply is very low, with 0.6 months of inventory (MOI) for the region. (This means that at the current pace of sales, with no new listings, all inventory would be sold within this time frame).


Whitby and Oshawa have 0.5 MOI. Ajax has just 0.4 MOI.



In June, transactions reported thus far had selling prices averaging 915,814 in Durham Region, with the average property selling at 110.6% of list price (SP/LP). This is a 1.5% increase from last month and a 33.5% increase from last year.



Durham Region Real Estate Prices


If you look at the selling price to list price ratios in the top chart, most communities are showing sales at levels well above list price. The following chart shows the trend - another key indicator of why the market is so hot right now.


Durham Region Market Report Selling Price to List Price


Days on market (DOM) averaged 10.5 days. 


Inventory levels are now trending lower than in the past couple of months.


Should new listings rise at a pace that is faster than current sales, then there would be more inventory for the pool of buyers to choose from, which will have the effect of reducing the sale price to list price ratio, then months of inventory stat, which leans the market closer to a balanced market.


During the drop-off in sales volume due to the first wave of COVID, active listings remained high as sales volume dropped and prices fell off substantially. More recently, sales volume has been more in line with the number of active listings, which is why prices have increased or stayed stable.


Durham-Region-Real-Estate-Active-Listings


Durham Region Real Estate Market Sales Volume


The pace of sales was at 46.2 units per day - down 12.0% from last month and down 12.1% from the same period last year.


Buyers will now find multiple offers common through most price points. They are highly advised to get prepared - have their mortgage preapproval ready before looking at homes, and be prepared to view homes via photos and virtual tours as soon as they reach the market. Speak with your agent to discuss the process to move forward.


Sellers should be considering getting on the market now or soon, and working with their agent to set their home apart from competitive listings while reaching the widest possible audience.


If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me. As always, give me a call anytime if you would like to discuss this further without any obligation.


MONTHLY MARKET REPORT



Durham Region Real Estate Prices 2021



There was a lot of attention on Durham Region's real estate market in May.


The record-breaking numbers in February and March were attributed to a shortage of listing inventory, low interest rates and high buyer demand.


Many economists and media outlets were, predictably, forecasting a sharp downturn in the market as they expected a big jump in listings combined with COVID-related lockdowns that would result in a big drop in demand and prices.


Well, that didn't happen, as sales volume largely kept pace with new listings, and prices actually reached new record levels. Sales volume has come down from March levels, though they were still the highest ever for May.

May 2021 Durham Region Real Estate Market Report

Strong demand, low interest rates, and scarce inventory of home listings in Durham Region were evident in the results, with sale prices once again reaching all-time highs.


Price


Prices in Durham jumped by 38.5% since May 2020 and increased 0.5% since April 2021. 


The latest market statistics show the average Durham property at $902,135  - up versus last month's 897,741 by 4,394 (+0.5%).



Search Durham Listings with sold prices


Inventory


Active listings in Durham Region were 889 at the time this report was compiled. That is a 23.2% decrease from last year and a 0.8% increase from April.


There were 0.6 months of inventory at the end of May (trend figure, per TRREB), once again increasing buyer competition at properties at virtually all price points.



Demand


Sales volume in Durham Region increased 130.0% from last year with 1574 units sold versus 770 last May. This is the highest volume on record for the month of May.


The time a property takes to sell is called DOM or days on market. It was 10 in May.


Another indicator of demand is sale price compared to list price. It was 112% in Durham in May, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price.


These factors combined are a good barometer for sellers, as it shows that not only is current inventory moving at a rapid pace, but it is also selling at a price that is well over list.


Durham Region Prices by Home Type


Durham Region Detached Home Prices 2021


Durham Region Detached Home Prices 2021


Durham Region Townhouse Prices 2021


Durham Region Condo Prices 2021


Durham Real Estate Market Statistics by City

Clarington Real Estate Market Report 2021



Oshawa Real Estate Market Report 2021


Whitby Real Estate Market Report 2021



Ajax Real Estate Market Report 2020



Pickering Real Estate Market Report


Scugog Real Estate Market Report

Uxbridge Real Estate Market Report 2020


If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me.   As always, give me a call anytime if you would like to discuss further without any obligation.


 

John Owen

Broker, REALTOR®, RE/MAX Impact Realty

905-434-0067


* - shading in the top chart signifies buyer or seller leaning stats - red is seller, blue is buyer with more intense shading signifying stronger impact.


Statistics are compiled from TRREB MLS® system, and may change as more sales are reported, errors corrected and deals that do not close are removed.



Want to keep updated on Durham Real Estate? 

       



Older Reports

March 2021

February 2021

January 2021

December 2020

October 2020

September 2020

August 2020

July 2020

June 2020

April 2020

March 2020



More are in the archive. 


Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).

      

Read full post

 

UPDATED 04-28-21


Are you excited about the toll highways in Durham Region? Did you think that a public-owned extension of the 407 would be substantially less expensive than the insanely high rates on the privately-owned 407?  Think again!


 

Toll Rates

The rates for travelling the new 407 East, 412 and 418 have been released by the Ontario Ministry of Transport.  


During peak (rush hour) periods, it will cost you 29.87 cents per kilometre to travel the new tollways, compared to 44.04-62.24 cents on the existing 407ETR - they have both peak hours and peak periods with highest rates 7-9am and 4-6pm.


During off-peak (night), the rate will be 19.43-22.66 cents, compared to 25.29-35.96 cents on the existing 407.  Not much of a savings!


Don't forget to add the camera charge at $4.20 per trip for those without a transponder, as well as a video account fee of $3.90.


Also, there is a $1 light vehicle trip toll charge, applied to every trip on the 407 system and a transponder lease fee of $3.95 per month (24.10/yr).


If you were to commute from Harmony Road to Brock Road in Pickering five days per week, or 20 days per month (20.3 km each way), that would cost you $235.48 per month, just for using the new tollway.  


Of course, not many people in north Oshawa would be commuting to Pickering, so add another 23.25 km to get to highway 404, or $24.41 per return trip (488.30 per month), making the commute from Harmony Road to highway 404 a grand total of $855.50 each month in toll charges (not including trip charges, transponder rental, camera fees or taxes)!


Top Oshawa Real Estate Neighbourhoods


Rates for Passenger Vehicles on the new Tollways


Toll Rates for Passenger Vehicles on 407, 412, 418
Travel DayToll Rate ($/Km)Time Period
Weekdays 
Peak Period
0.2966-0.2987 6:00 am – 9:59 am 
3:00 pm – 6:59 pm
Weekdays 
Midday Period
0.2352-0.2368 10:00 am – 2:59 pm
Weekdays 
Off Period
0.1943-0.1957 7:00 pm – 5:59 am
Weekends & Holidays 
Midday Period
0.2250-0.2266 11:00 am – 6:59 pm
Weekends & Holidays 
Off Period
0.1943-0.1957 7:00 pm – 10:59 am



Those with transponders for the existing 407 will be able to use them on the new tollways, and charges for using these roads without a transponder will be the same as on the 407 - $4.10 per trip.


Here's a link to the full light vehicle rate chart for the 407 - link.



Durham Region Municipal Tax Rates - Property Taxes





Related


Highway 407 East and 412 Tolls to Begin



Read full post

Durham Region Real Estate Daily Market

Update

Monthly Market Report follows the daily figures on this post.


Durham Region Real Estate Market Update


Latest update - May 4 2021 at 10:30am


The real estate market in Durham Region continues to beat expectations, with low inventory, low interest rates, and strong buyer demand resulting in prices rising to all-time record levels. Watch out for rising interest rates and rising inventory levels!


We are now seeing a sustained surge in prices from lows experienced during the COVID-19 economic shutdown. Sales volume has picked up sharply from the seasonal low reached in January.


Durham Region Sellers Market


Supply is very low, with only 0.6 months of inventory (MOI) for the region. (This means that at the current pace of sales, with no new listings, all inventory would be sold within this time frame).


Whitby, Ajax, and Oshawa have just 0.5 MOI. Clarington has just 0.4 MOI.


In April, transactions reported thus far had selling prices averaging 903,444 in Durham Region, with the average property selling at 110.9% of list price (SP/LP). This is a 0.2% increase from last month and a 47.4% increase from last year.



Durham Region Real Estate Prices


If you look at the selling price to list price ratios in the top chart, most communities are showing sales at levels well above list price. The following chart shows the trend - another key indicator of why the market is so hot right now.


Durham Region Market Report Selling Price to List Price


Days on market (DOM) averaged 9.8 days. This figure has dropped substantially since January and has been recently trending higher.


Inventory levels are on the rise. If new listings rise at a pace that is faster than current sales, then there will be more inventory for buyers to choose from, which will have the effect of reducing the sale price to list price ratio, then months of inventory stat, which leans the market closer to a balanced market.


Look at the charts below - last April, during the drop-off in sales volume due to the first wave of COVID, active listings remained high as sales volume dropped and prices fell off substantially. More recently, sales volume has been more in line with the number of active listings, which is why prices have continued to rise.


Durham-Region-Real-Estate-Active-Listings


Durham Region Real Estate Market Sales Volume


The pace of sales was at 58.6 units per day - down 15.4% from last month and up 243.4% from the same period last year. Note that last year at this time, we were in the first lockdown phase of COVID-19.


Buyers will now find multiple offers common through most price points. They are highly advised to get prepared - have their mortgage preapproval ready before looking at homes, and be prepared to view homes via photos and virtual tours as soon as they reach the market. Speak with your agent to discuss the process to move forward while being respectful of COVID-19 physical distancing and spread avoidance protocols.


Sellers should be considering getting on the market now or soon, and working with their agent to implement mitigation protocols for COVID-19. Many brokerages are now using tools to enable showings virtually, via video call, as well as conducting client meetings and signings remotely, using digital tools.


If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me.   As always, give me a call anytime if you would like to discuss this further without any obligation.


MONTHLY MARKET REPORT



Durham Region Real Estate Prices 2021



March roared in like a lion and brought a record high volume of sales and sale prices for Durham Region. Even as inventory levels jumped sharply, sales kept up, keeping prices on an upward trend. 

March 2021 Durham Region Real Estate Market Report

Extreme levels of demand, ultra-low interest rates and scarce inventory of home listings in Durham Region was evident in the results, with average prices setting new all-time highs, and multiple offer scenarios becoming commonplace at most price levels.


Price


Prices in Durham increased by 37.4% since March 2020 and 0.7% since February 2021. 


The latest market statistics show the average Durham property at $901,322  - up versus last month's 895,441 by 5,881 (+0.7%).



Search Durham Listings with sold prices


Inventory


Active listings in Durham Region were 918 at the time this report was compiled. That is a 25.3% decrease from last year and a 14.0% increase from February.


There was 0.8 months of inventory at the end of February (trend figure, per TRREB - current figures are much lower), once again increasing buyer competition at properties at virtually all price points.



Demand


Sales volume in Durham Region increased 88.6% from last year with 2077 units sold versus 1101 last March. It was up from February by 50.1%. This is the highest volume on record for the month of March and all time.


The time a property takes to sell is called DOM or days on market. It was 7 in March.


Another indicator of demand is sale price compared to list price. It was 113% in Durham in February, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price.


These factors combined are a good barometer for sellers, as it shows that not only is current inventory moving at a rapid pace, but it is also selling at a price that is well over list.


Durham Region Prices by Home Type


Durham Region Detached Home Prices 2021


Durham Region Detached Home Prices 2021


Durham Region Townhouse Prices 2021


Durham Region Condo Prices 2021


Durham Real Estate Market Statistics by City

Clarington Real Estate Market Report



Oshawa Real Estate Market Report 2020


Whitby Real Estate Market Report 2020



Ajax Real Estate Market Report 2020



Pickering Real Estate Market Report


Scugog Real Estate Market Report

Uxbridge Real Estate Market Report 2020


If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me.   As always, give me a call anytime if you would like to discuss further without any obligation.


 

John Owen

Broker, REALTOR®, RE/MAX Impact Realty

905-434-0067


* - shading in the top chart signifies buyer or seller leaning stats - red is seller, blue is buyer with more intense shading signifying stronger impact.


Statistics are compiled from TRREB MLS® system, and may change as more sales are reported, errors corrected and deals that do not close are removed.



Want to keep updated on Durham Real Estate? 

       



Older Reports

February 2021

January 2021

December 2020

October 2020

September 2020

August 2020

July 2020

June 2020

April 2020

March 2020



More are in the archive. 


Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).

      

Read full post

MONTHLY MARKET REPORT



Durham Region Real Estate Prices 2021



February carried on with even stronger numbers than January, with record numbers for selling prices for Durham Region real estate. 

February 2021 Durham Region Real Estate Market Report

Extreme levels of demand, ultra-low interest rates and scarce inventory of home listings in Durham Region was evident in the results, with average prices setting new all-time highs, and multiple offer scenarios becoming commonplace at most price levels.


Price


Prices in Durham increased by 36.1% since February 2020 and 2.2% since January 2021. 


The latest market statistics show the average Durham property at $895,441  - up versus last month's 876,133 by 19,308 (+2.2%).



Search Durham Listings with sold prices


Inventory


Active listings in Durham Region were 805 at the time this report was compiled. That is a 22.3% decrease from last year and a 78.5% increase from January.


There was 0.8 months of inventory at the end of February (trend figure, per TRREB - current figures are much lower), once again increasing buyer competition at properties at virtually all price points.



Demand


Sales volume in Durham Region increased 55.5% from last year with 1384 units sold versus 890 last February. It was up from January by 112.6%. This is the highest volume on record for the month of February


The time a property takes to sell is called DOM or days on market. It was 7 in February.


Another indicator of demand is sale price compared to list price. It was 114% in Durham in February, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price.


These factors combined are a good barometer for sellers, as it shows that not only is current inventory moving at a rapid pace, but it is also selling at a price that is well over list.


Durham Region Prices by Home Type


Durham Region Detached Home Prices 2021


Durham Region Detached Home Prices 2021


Durham Region Townhouse Prices 2021


Durham Region Condo Prices 2021


Durham Real Estate Market Statistics by City

Clarington Real Estate Market Report



Oshawa Real Estate Market Report 2020


Whitby Real Estate Market Report 2020



Ajax Real Estate Market Report 2020



Pickering Real Estate Market Report


Scugog Real Estate Market Report

Uxbridge Real Estate Market Report 2020


If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me.   As always, give me a call anytime if you would like to discuss further without any obligation.


 

John Owen

Broker, REALTOR®, RE/MAX Impact Realty

905-434-0067


* - shading in the top chart signifies buyer or seller leaning stats - red is seller, blue is buyer with more intense shading signifying stronger impact.


Statistics are compiled from TRREB MLS® system, and may change as more sales are reported, errors corrected and deals that do not close are removed.



Want to keep updated on Durham Real Estate? 

       



Older Reports

January 2021

December 2020

October 2020

September 2020

August 2020

July 2020

June 2020

April 2020

March 2020

February 2020


More are in the archive. 


Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).

      

Read full post