‘NO SHORTAGE OF SMALL-TOWN CHARM’ IN DURHAM

By: Eleanor King & Maurice King

‘NO SHORTAGE OF SMALL-TOWN CHARM’ IN DURHAM

Tags: Durham, Real Estate, Maurice

It’s the “perfect mix of suburban and rural” and “an excellent place for those seeking a home close to green space and the waterfront.” 

That’s how MoneySense describes Durham Region in its annual Where to Buy Real Estate in Canada report.* There are lots of great reasons why the digital magazine and financial media website is watching Durham (www.moneysense.ca/spend/real-estate/where-to-buy-real-estate-in-canada-durham-region/), including robust employment opportunities and relatively affordable housing. 

Durham is home to many companies across the energy, environmental and engineering sectors that together employ more than 10,000 people. The region also boasts thriving film, agricultural, technology and automotive industries, and Durham College and Ontario Tech University (formerly The University of Ontario Institute of Technology) have resulted in a growing student population. 

Rural beauty

Durham is also a “great option” for those commuting to Toronto, with easy highway access and ample public transit, including GO Transit. Those who enjoy being close to nature have access to national parks and more than 900 kilometres of waterfront. “In other words, there’s no shortage of small-town charm and rural beauty in Durham Region,” MoneySense says.

On the real estate front, Durham’s housing market has seen “remarkable growth” in the last year. Like other parts of the country, recent increases in prices were driven by factors that include low housing inventory, historically low interest rates and work-from-home measures that enticed many employees to move further from the big cities.

As MoneySense notes, the market is beginning to balance – a term that means the supply of properties and the number of potential buyers is the same. In a balanced market, sellers typically accept reasonable, close-to-list-price offers. Homes generally sit on the market for an average or typical length of time, which can vary from market to market, and prices are stable. 

Balanced market

If you’re a buyer, a balanced market typically means there are enough homes listed for sale that you have time to compare and make a well thought out offer. If you’re a seller, we recommend you pay more attention to putting your best foot forward, which includes decluttering and staging – all things The King Home Team can help you with. 

The market is already more balanced than it was in March 2021 and with rising interest rates and the movement of people back to full-time office work, rapid price increases are more likely to slow, MoneySense reports. (The Bank of Canada’s next scheduled interest rate hike announcement is set for July 13.)

The magazine teamed up with Zoocasa, a full-service tech brokerage, to rank the best neighbourhoods in which to buy today. Zoocasa examined local real estate data and trends to uncover the neighourhoods that offer the great value and price-growth potential. The guide also includes a national ranking of cities and regions, as well as information on the top neighbourhoods in 12 other markets across Canada. 

Greater Toronto Area housing market conditions continued to evolve in response to higher borrowing costs, according to the Toronto Regional Real Estate Board (https://trreb.ca). Similar to April results, May sales were down on a monthly and annual basis. Conversely, active listings at the end of May were up on a month-over-month and year-over-year basis. 

More balanced market conditions have provided buyers with more negotiating power. As a result, while benchmark and average home prices were up substantially compared to last year, selling prices trended lower on a month-over-month basis (https://trreb.ca/index.php/market-news/housing-market-charts). 

The average price in all TRREB areas was $1.2 million. Here in Durham, the average price was $995,670. Compare that to other GTA municipalities: Halton Region ($1.3 million), Peel Region ($1.18 million), Toronto ($1.23 million) and York Region ($1.37 million). Here’s the average price in Durham by municipality: Ajax ($1.098 million), Brock ($1.05 million), Clarington ($967,000), Oshawa ($844,745), Pickering ($1.02 million), Scugog ($1.09 million), Uxbridge ($1.3 million) and Whitby ($1.05 million). 

Put our experience to work

If you’re thinking about taking advantage of all Durham Region has to offer, please count on us to help you discover the community right for you!  Also, please remember that real estate markets are cyclical and go up and down based on a variety of factors. 

While that can be confusing and perhaps even stressful for anyone preparing to enter the market, The King Home Team: Royal Heritage Realty has experience navigating every type of market. Whether you’re planning to buy and/or sell, count on us to conduct the necessary market research and to put our experience to work for you so we can help you make smart real estate decisions.