Durham Region Spring Market Report 2023

After a year of adjustment, Durham Region's spring 2023 market is showing signs of stabilization. Buyer activity has increased compared to the quiet fall and winter months, though it remains well below the frenzy of early 2022. The data is painting a picture of a market that is finding its footing, with clear opportunities for both sellers and buyers who approach it with the right strategy.

Average detached home prices in Durham Region have been essentially flat for the past three months, which is the first sustained period without decline since the correction began in mid-2022. This does not mean prices are rising. It means they have stopped falling, which is an important inflection point.

Oshawa detached averages are holding in the $680,000 to $720,000 range. Whitby is steady at $840,000 to $880,000. Ajax and Pickering are averaging $810,000 to $860,000. Clarington sits at $720,000 to $770,000. These numbers are roughly where they were in late 2021, which suggests the market has found a sustainable floor for now.

Showing activity in February and March is up 20% to 30% compared to the same period last fall. Open houses are drawing more traffic. Mortgage pre-approvals are increasing. The Bank of Canada's rate pause in January gave buyers a signal that the hiking cycle may be over, and that signal is pulling sidelined buyers back into the market.

However, this is not 2021. Buyers are taking their time. They are visiting multiple homes before making decisions. They are including conditions (financing, inspection) in their offers. They are negotiating on price. This is a healthy market, and sellers need to meet it where it is.

The theme from our fall and winter reports continues: the gap between well-prepared homes and poorly-prepared homes is the widest it has been in a decade. Renovated, staged, professionally photographed homes are selling within 15 to 25 days, often with multiple offers. Dated, unprepared homes are sitting for 45 to 75 days and selling below asking.

This gap is the single most actionable insight for spring sellers. If you are listing a home that needs work, you have two choices: invest in preparation and capture the premium, or sell as-is and accept the discount. The difference is $100,000 to $200,000 on a typical Durham Region home. That is not a small number.

Price to today's market, not last year's market and not next year's hoped-for market. Use recent comparable sales from the past 60 to 90 days, not from the peak.

Invest in preparation. Paint, flooring, kitchen and bathroom refresh, staging, professional photography. Every dollar spent on preparation returns multiple dollars at sale. If you cannot afford the upfront cost, our Renos for Revenue program covers it with zero out-of-pocket expense.

Be patient. Homes are selling, but the timeline is weeks, not days. Trust the process and resist the urge to drop the price after 10 days on market.

This is still one of the best buying windows in recent memory. Inventory is healthy, competition is moderate, and sellers are willing to negotiate. Get pre-approved, know your budget, and move confidently when you find the right home.

Do not wait for prices to drop further. If you are buying to live in the home for 5 to 10 years, the current price is far less important than the monthly payment you are comfortable with. Rates matter more than prices at this point, and nobody knows where rates are going.

Include conditions in your offers. Financing and inspection conditions are standard again, and any seller who refuses them is living in 2021. Protect yourself.