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John Owen, Broker | 905-434-0067

Durham Region Real Estate Market Report

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 25, 2021 at 3:30pm




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. 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 0.7 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 0.5 MOI, while Ajax has 0.6 MOI.



In July, transactions reported thus far had selling prices averaging 906,769 in Durham Region, with the average property selling at 110.5% of list price (SP/LP). This is a 1.0% decrease from last month and a 27.9% 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 10.7 days. 


Inventory levels are now trending lower than in the past couple of months, though they are higher for the start of July so far.


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 34.9 units per day - down 24.4% from last month and down 33.5% 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



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).

      

Comments:
Steve on Aug 12, 2019 12:23 PM posted:
So with the GM plant closure imminent and our bubble edging towards correction, Oshawa will surely decline much further in value in the coming years. Could this be a true statement?
John Owen on Aug 12, 2019 6:48 PM posted:
Hi Steve - news of the GM situation is from 2018, and has had very little impact on the local real estate market. Since the spring/summer of 2017, when the government imposed a number of measures to cool the market (along with changes to mortgage qualification rules that has prevented many families from being able to qualify to buy a home), the local market has been doing quite well. Given the relative shortage of supply in the GTA, combined with having some of the lowest prices in the region, the outlook for Oshawa's market is quite bright. Other factors helping bring demand to the local market include a high demand for student accommodation, expansion of the 407 and 412/418, and planned expansion of GO train service with more stations in both Oshawa and Clarington. Of course, no one can say what the market is going to do with certainty, but aside from economic factors that would trigger a wider slowdown (like a large interest rate increase, or recession), things look very good for Oshawa. John Owen, Broker RE/MAX Impact
Vish Patel on Jun 22, 2020 12:30 AM posted:
Hi! Do you think this pandemic and the super high unemployment rate which is over 10 percent will finally burst the property price bubble?
John Owen on Jun 22, 2020 10:10 AM posted:
Hi Vish - that's a good question, and the media has been speculating on this issue on a regular basis. Adding to the mix is CMHC forecasting up to an 18% drop in property values across Canada by mid-2021. They also tightened qualifying criteria for mortgages insured by them. My focus is on the local market, and current results don't align with the idea of the market going into a deep downturn. We did see a large drop in sales volume in April/May and a much smaller drop in prices. As of mid-June, both sales volume and prices had recovered to pre-COVID levels. COVID has created a pause in our market. The economy continues to open back up, and unemployment levels will come back down. Read my daily market updates to see more, and watch for a big turnaround in the June 2020 results.
Tifanny on Aug 30, 2020 10:00 AM posted:
Hello John! Why is Bowmanville which is further more east than Oshawa selling homes for more money ?
John Owen, Broker RE/MAX Impact on Aug 30, 2020 10:53 AM posted:
Hi Tiffany, Bowmanville (and Clarington overall) has higher selling prices than Oshawa overall, largely because there are neighbourhoods within central and south Oshawa that typically have smaller and older homes with much lower selling prices. These areas contain a lot of houses too, so the sales in those areas bring the averages down overall. If we looked at more specific areas or home types and ages, we would get a different picture.
Aaron on Nov 20, 2020 9:51 AM posted:
As of Nov 20, 2020, the Durham Region Real Estate - Residential numbers from 2020-11-01 to 2020-11-16 seems to have an issue. I am looking at Brock. Under "All Types", I see 16 units with avg selling price of 909,094. Under Detached, I see 13 units with an average selling price of 730,092. I don't see any condos or townhomes for Brock, but those extra 3 townhomes/condos would've had to sell for millions to make these figures work. I really appreciate this data that you have put together. It is a fantastic source of current info for the Durham Region real estate market.
John Owen, Broker RE/MAX Impact on Nov 20, 2020 10:27 AM posted:
Hi Aaron, thank you for the positive feedback! In the sales data that you mentioned for Brock, the numbers are correct. The 3 transactions not shown are for types of property not summarized in the chart. In this case, there was one farm and two parcels of vacant land. I provide the data for the most common types of listings in the graphic, as they are the most relevant to most sellers and buyers. There are even more types that listings could be categorized that do not have enough sales volume to be statistically relevant.
M. Ainslie on Dec 21, 2020 7:45 AM posted:
John Owen, thank you for the stats. Very much appreciated. I've been carefully watching the market (with your help) and am very grateful in my decision to have held off for a year once Covid-19 hit early March 2020. It was a gamble, especially with CMHC's dire predictions. Two of my neighbours panicked and sold at the height of the lowest point in 2020. The market in Durham (the new quasi-Toronto) has taken off! Definitely a seller's market with just 0.4 MOI (Whitby). A detached home that isn't inches away from its neighbour, with a long driveway, income potential, close to great schooling, the 401/407/ GO station, and in a courtyard seems now to be all the more valuable. I've heard though it is Durham residents and not necessarily TO people. Durham people are eager to move up to the 800K + homes. Knowing the area, loving the community, needing parking, a quieter area, & the best schools. Toronto people haven't quite realized the full charm of Whitby. (SHHHH). John- Happy Holiday wishes. Again, my thanks and hats off to you for providing these stats. Take care and stay safe. All the best in 2021.
Mike on Dec 22, 2020 10:54 AM posted:
Hi John, great website and great info! keep up the great work. Just had some questions: 1. From your experience are these locals moving up to bigger places or is it out of towners buying because its relatively cheaper? 2. Do precon houses make sense in this market? from what i have seen they have already priced up factoring in future price increases. Thanks & Happy Holidays.
John Owen, Broker RE/MAX Impact on Dec 22, 2020 11:04 AM posted:
Hi Mike, thanks for the positive feedback! Regarding your questions, 1. There are a lot of people in both situations buying in Durham. A lot of local move-up buyers are looking at rural properties that offer more space and privacy, while a lot of GTA buyers are looking at Durham for value as one of the most affordable areas within commute distance to the city. 2. Pre-construction can be a great option with inventory being so scarce (no bidding wars!), provided you work with an experienced agent that can help with determining comparative value between builders and locations, as well as helping negotiate a fair contract. Builder agreements are notoriously complex, and can be loaded with hidden costs and fees. Also, builder sales agents may not be licensed Realtors, who are held to strict standards of conduct.
Dilshat on Dec 22, 2020 9:20 PM posted:
Hi John, Thank for for the great information, it did enhance my confidence on my job, recently I did reallocate to the bank in durham region as mortgage specialist, do you have any suggestion how can i build up my network with realtors, broker and potential customers in area?
John Owen, Broker RE/MAX Impact on Dec 23, 2020 11:04 AM posted:
Hi Dilshat. Glad to hear that you are finding my information helpful. My advice for building your business network is to reach out via social networks, events, and by doing the best you can with each client. Best of luck in the new year!
Dhana on Jul 13, 2021 2:37 PM posted:
Hi, thanks for the amazing stats. I would like to have your suggestion on how the market will be 1 year from now in the AJAX. Do you think the price for the detached houses will stay the same or go up/down. Thank you.

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