Durham Region Spring Market Report 2024

Durham Region enters spring 2024 with a market that is showing early signs of renewed buyer activity. After a year and a half of elevated interest rates, the Bank of Canada has signalled that rate cuts may be on the horizon. This signal alone has shifted buyer psychology from 'wait and see' to 'get ready.'

We are seeing more buyer inquiries, more pre-approval applications, and more first-time showings than at any point in the last 18 months. The spring market has not fully arrived yet, but the early indicators are encouraging.

Detached home prices across Durham Region are averaging $840,000 to $900,000 as of early March 2024. Oshawa remains the most accessible market for detached homes, with averages around $700,000 to $760,000. Whitby averages $900,000 to $980,000, Ajax $880,000 to $950,000, and Pickering continues to lead the region above $950,000.

The condo and townhouse segments are showing signs of recovery after a soft end to 2023. Townhouses average $650,000 to $740,000, and condos average $440,000 to $540,000. First-time buyers who were priced out of the detached market continue to drive demand in these segments.

Active listings are slightly below where they were at this time last year, which suggests sellers are still cautious about entering the market. For sellers who do list, this reduced competition is an advantage.

Days on market for properly priced listings are trending down slightly, from 25 to 35 days late last year to 20 to 30 days now. Homes that are priced right and presented well are moving. Homes that are overpriced are still sitting.

Multiple offer situations are beginning to reappear on well-priced listings in high-demand neighbourhoods, though not at the intensity of 2021 or early 2022. We are typically seeing 2 to 4 offers on the best listings, compared to the 10 to 20+ offers that were common during the peak.

The Bank of Canada has maintained its policy rate but market expectations for a rate cut in the second half of 2024 are strong. Even the expectation of lower rates is influencing behaviour: buyers are becoming more active, and sellers are timing their listings to coincide with anticipated rate drops.

A rate cut of 0.25% to 0.50% would increase the average buyer's purchasing power by $15,000 to $30,000. More importantly, it would bring a significant number of sidelined buyers back into the market, increasing competition for existing inventory.

For sellers, this creates an interesting strategic window. Listing before rates drop means selling to motivated buyers with less competition from other sellers. Listing after rates drop means selling to a larger buyer pool but competing against more listings.

Our advice to sellers is straightforward: if your home is ready, list it. Do not wait for perfect conditions. The current market rewards well-prepared homes, and the reduced seller competition means your listing gets more attention.

Invest in preparation. In a market where buyers have options, the difference between a dated home and a move-in ready home is larger than ever. Professional photography, staging, pre-listing inspections, and strategic renovations are not extras. They are the baseline for a successful sale.

For buyers, the spring market offers better selection and more negotiating power than you will likely have once rates drop. If you are pre-approved and ready, this is a window of opportunity.

Be prepared to move quickly on new listings, especially in the most desirable neighbourhoods. The best properties still attract attention fast. But also know that you have more room to negotiate conditions (inspection, financing) than you did during the peak market.

Whether you are buying or selling this spring, we are here to help you read the market and make a confident decision. Reach out for a current market analysis specific to your situation.