Durham Fall 2024 Market Outlook
Posted Sep 12th 2024
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Market Update
Durham Region Fall Market Outlook
Despite The Bank of Canada’s interest rate cuts, low housing supply continues to impact Durham Region, keeping prices high. However, some buyers are gaining more confidence as mortgage rates decrease and are slowly re-entering the market heading into fall, keeping prices relatively stable in comparison to the year prior. Newcastle, Courtice, Bowmanville, Oshawa, Whitby, Ajax and Pickering have seen a slow down in the summer months, with an anticipated slight uptick in sales this fall.
What will happen to prices?
Housing supply is expected to become a larger issue once further interest rate cuts motivate buyers on the sidelines. Lower rates will help buyers re-enter the market and spark more competition. Although some homebuyer confidence is starting to return, buyers in Durham Region remain hesitant as affordability continues to be a challenge. Across Ontario, 12 regions are expecting average residential prices to remain flat or increase modestly heading into the fall. Durham Region prices are expected to increase by one per cent this fall, but will remain in a balanced market.
Will interest rates decrease?
Further interest rate cuts are anticipated by the Bank of Canada. Therefore, confidence among first-time homebuyers has been boosted. One-quarter of Canadians (25 per cent) actively saving for a home purchase are confident they will be able to buy soon. A majority of this number being younger Millennials and Gen Zs aged 18-24, at 35 per cent. However, dropping interest rates now may prove too little, too late for some current homeowners. 14 per cent of homeowners say they need to renew their mortgage soon. Therefore, with the current higher interest rate, they may need to sell their home.
What do the stats say?
When it comes to financial savings, a survey from Leger revealed a home purchase is listed among the top three priorities. However, for 25 per cent of Canadians, it has taken a back seat to day-to-day expenses. In the search for affordability, one-quarter of Canadians say that they are considering moving to another country. Additionally, 25 per cent say they are reconsidering whether to have children or start a family due to housing affordability challenges.
In summary, for more information about the fall market outlook, click here: https://blog.remax.ca/canadian-housing-market-outlook/
Durham Region includes Newcastle, Courtice, Bowmanville, Oshawa, Whitby, Ajax or Pickering. If you are looking to move to these areas, contact The Baird Real Estate Team with Royal LePage Frank today! In conclusion, click the link here to view our properties currently for sale: https://bairdteam.ca/property/
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