The GTA’s balanced Real Estate Market is expected to stay that way through the summer
There were 967 sales in the Durham Region in June which is a drop of 12.5% from May 2022 and a 32.09% drop from 2021. While number of transactions is down year-over-year, the number of new listings has changed very little making it a balanced market. The local housing supply remains at 0.7 months.
Market experts say that homes sales are affected by two major factors
1. Affordability challenges presented by mortgage rate hikes
2. Home buyers who can afford higher borrowing costs have put their decision on hold to see where home prices end up
While the market is balancing, the average sale price of a detached home in the Durham Region is still 5% over 2021 prices!
Some media outlets have shifted their focus to a foreclosure market in the future but it is not likely to happen in Canada or the GTA.
Canada’s unemployment rate is low which means Sellers will make the choice for themselves whether they choose to sell.
Watching listings will be our focus as we move through the summer months