Durham Region Real Estate Market Report For October 2020

No secret here, home prices are continuing to increase as low inventory drives multiple offers. Oshawa and Clarington are the front runners for the highest pricing increases with both municipalities seeing a 23% jump in a year-over-year comparison. While homes are still flying off the market in record time, new inventory levels have stalled slightly with the onset of colder weather. With everyone gearing up for a non-traditional holiday season, we’re eager to see how the shift in entertaining and festivities will impact the market throughout November and December.

Here are some ongoing trends that we’re continuing to keeping our eye on:

Home value throughout the region: The average price of all home types climbed to $740,436 in Durham (even higher for detached homes) which is a 20.7% price increase over this time last year. With fierce competition continuing to drive price increases, we’re tightly analyzing pricing trends to stay one step ahead for our sellers.
How the ongoing effects of the COVID-19 will impact the real estate industry: Experts are still predicting that there will be a cooling in the market and a decrease in pricing throughout 2021 due to fallout from the pandemic. In addition to keeping an eye on real estate-specific data, we’re also closely monitoring any economic fallout that may impact pricing.
In-person showings: As case counts continue to mount, we’re keeping a close eye on the introduction of new regulations. During the onset of the pandemic, open houses were kiboshed and replaced with virtual 3D walkthroughs. Once again OREA is calling for this regulation to be reintroduced. While safe in-person showings remain an option, we may see tighter restrictions introduced as we head into the cooler months and we’ll be ready to react.

Durham Region

Pickering

Ajax

Whitby

Oshawa

Clarington

Homes are hitting record prices. Are you ready to fetch top dollar for your home? We can help. Give us a call today!