Durham Market Update – August 2024
The Durham Region real estate market is experiencing its highest inventory levels since 2011. Buyers are holding off, hoping for lower mortgage rates and better economic news.
The increased inventory is creating a more balanced market, offering a short-term opportunity for buyers. Sellers, especially in mid to high price ranges and condos, should adjust their expectations, as sale prices are now closer to list prices and price reductions are common.
Sales volume is consistent with seasonal norms and remains low compared to last year due to high mortgage rates and strict qualification rules.
Despite rising inventory, south Durham's supply is still low relative to sales volume, leading to multiple offer situations in the lower and middle price ranges. Average selling prices are nearly equal to list prices.
The Bank of Canada's recent rate cut to 4.5% has improved consumer confidence. With rates expected to drop further, keep an eye on rate offerings and consult your mortgage broker regularly, as rates continue to fluctuate.
