Market Report & Outlook 2021
Posted Jan 11th 2021
Investing, Market Update, RealEstate
The average prices in Durham have increased 22% for all home types between December 2019 to December 2020
Let’s take a look at each house type. Across the board we seen massive increases in price.
- Detached – 25% Increase
- Semi-Detached – 30% Increase
- Condo Townhome – 22% Increase
- Condo Apartment – 20% Increase
- Link – 28% Increase
- Townhome – 26% Increase
There were 12,917 residential transactions in Durham in 2020 i.e. a 21% increase in the amount of transactions seen in 2019.
The average time on market dropped from 28 days in December 2019 to 13 days in December 2020.
The ultra low interest rates are fueling the demand and the increase in prices. The bank of Canada has said they plan to keep rates low until 2023. As a result, this will continue to drive sales. Along with this, the Government of Canada plans to increase immigration levels for the next 3 years to 400,000 new immigrants per year. The majority of these immigrants will be educated, skilled workers who will be buying a new home in Canada within 3 years of landing.
Due to the shift to working from home, Durham will continue to see an influx of people coming from more densely populated and expensive areas in the GTA to the more spacious and affordable areas of Durham. The real estate market in Durham is forecasted to remain strong throughout 2021 with price increases of approximately 3-6% on the modest side.
If you would like a more detailed analysis of your neighborhood feel free to send us a quick message. Take care and stay safe.