Durham Market Update – September 2024

As September ends, Durham Region's real estate market has near-record inventory levels (2,447 active listings). Many buyers are holding off for lower mortgage rates and better economic news. The market is becoming more balanced, with buyers gaining an advantage in some areas and price points. Sellers, especially in the mid-to-high price ranges and condos, should manage expectations, as sale prices are now closer to list prices. Price reductions are becoming more common when properties don't sell quickly.

Mortgage News: Stress Test Removal for Renewals

Effective November 21, 2024, the federal banking regulator OSFI will eliminate the required stress test to switch your uninsured (conventional) mortgage to another lender at renewal. This means you'll have more flexibility to find better rates without jumping through additional hoops. Over 70% of Canadian mortgages are uninsured, making this a big win for many homeowners!