Spring Market Update 2024

Posted Mar 6th 2024 in

Durham Region has seen steady growth in property prices over the years, 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.

In February, Durham Region saw a 25% increase for home sales on a year-over-year basis from 598 transactions in February 2023 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. 

For the most accurate and up-to-date information, contact The Baird Team with Royal LePage Frank Real Estate, who specializes in the Durham Region area. We can provide insights into current market trends, housing inventory, and pricing dynamics for all local areas including Clarington (Newcastle, Courtice & Bowmanville), Oshawa, Whitby, Ajax, Pickering, Scugog and Uxbridge.