Realtor Opinion: Spring Market 2024

Durham Region has seen steady growth in property prices over the years. This has been driven by its proximity to Toronto, relatively lower housing costs compared to the city, and its own economic development. It’s known for its family-friendly communities, good schools, and access to transportation infrastructure. When looking for a realtor in Durham, it is important to have a team that knows every detail of the market.

In February, Durham Region saw a 25% increase for home sales on a year-over-year basis. There were 598 transactions in February 2023 compared to 745 transactions in February 2024. Average price also increased slightly from $888,951 in February 2023 to $919,017 February 2024. Month over month, Durham saw a modest price increase of 2.8% for all home types. The average days on market has dropped significantly from 33 days in January 2024 to 20 days in February 2024. The Baird Team anticipates prices to continue to increase slightly with homes selling quicker in March 2024.

In addition, the Bank of Canada has held the key interest rate steady at 5% in their announcement today. This interest rate hold will give buyers confidence moving forward that interest rates are not likely to increase any further. The next Bank of Canada announcement will be on April 10th. Our realtor perspective is that interest rates will decrease later this year.

If you are looking for a realtor with the most accurate and up-to-date information, contact The Baird Team with Royal LePage Frank Real Estate. We can provide insights into current market trends, housing inventory, and pricing dynamics for all local areas. We specialize in Clarington (Newcastle, Courtice & Bowmanville), Oshawa, Whitby, Ajax, Pickering, Scugog and Uxbridge.