Durham Region Real Estate Market Report For June 2020

This market is hot! Over the past month and a bit, the market has been steadily heating up across the Durham Region with the late start to the much-anticipated spring market. Overall, prices are up 10.5% in a year-over-year comparison and homes are moving on average 7 days more quickly compared to this time last year.

What’s causing the competition in the market? A pretty significant lack of inventory. Using June as our measure, the number of active listings has dropped by about 45%. So while we only saw about 100 fewer houses hit the market last month than the previous June, the overall inventory of active listings is down by about 1000 homes. Because of this, we’ve seen many sellers holding offers and homes going into bidding wars. Conversely, other homes are being sold under asking.  June also brought changes to the CMHC lending rules which lead to many buyers trying to get into the market before their pre-approval amounts were decreased as of
July 1, 2020.

Durham Region

Pickering

 

Ajax

 

Whitby

 

Oshawa

 

Clarington

 

In an effort to keep the market moving and keep clients safe, new screening measures and changes to showings have been implemented. What does this mean for you? If you’re a buyer, you will be required to complete a COVID-19 screening questionnaire before entering a property. When arriving for a showing, you will need to make sure that your hands are sanitized and will also be limited as to who can enter the house with you. For sellers, you will be required to turn on all lights and open all interior doors prior to a showing so that potential buyers can navigate through your home without needing to touch anything. After the showing is complete, the buyer’s agent will wipe down the exterior door handles and lockbox for your safety.

Amidst the COVID-19 pandemic, we’re doing all that we can to help keep our clients safe. Ready to make your next move? We can help. Give us a call today!