Whether you’re a first-time buyer or a seller looking to make the next move, understanding these mortgage updates can help you navigate the Durham Region market with confidence. From longer amortization periods to CMHC changes and switching lenders, staying informed can save you money and stress along the way.

Stay updated on Durham Region's real estate market for September 2024. Explore near-record inventory levels, buyer trends, and price shifts, along with key mortgage news on the removal of the stress test for renewals starting November 2024. Learn how these changes impact both buyers and sellers in the current market.

Discover the latest trends in Durham Region's real estate market as inventory hits its highest levels since 2011. Learn how buyers are gaining an edge, and why sellers in mid to high price ranges should adjust their strategies. Explore how the Bank of Canada’s rate cut to 4.5% impacts buyer confidence and what to expect in the coming months.

As is the case with the start of a new year, I have seen lots of predictions for 2024, from soft landings to no landings, rate hikes to rate cuts, and everything in between. As I always say, predictions are a crap business which is why I never make them. I do however think there are some areas worth keeping an eye on as the year progresses.

A quick recap

Inflation is slowing, demand continues to weaken, households have stopped borrowing money (the real estate industry has ground to a stand still in some markets) and as a result, the economy appears to be circling the drain.  GDP fell well below the Bank of Canada's expectations and while economists argue whether we have "officially" entered a recession, real GDP has fallen for five straight quarters - not good.

I don't know many Canadians who haven't felt the sting of the post pandemic monetary measures to reign in inflation.  Debts are rising as people do their best to just get through the worst of it.  Consumer credit in Canada has slowed to its weakest pace in 30 years!!  When that figure is adjusted for inflation, we haven't experienced a decline like this since the great recession of the 1990s.