Durham Region Summer Market Report 2024

The Durham Region real estate market in summer 2024 settled into a pattern that favours neither buyers nor sellers decisively. Inventory levels rose compared to summer 2023, giving buyers more choice, while steady employment and population growth kept demand from falling off. Here is our breakdown of the key numbers and what they mean for homeowners and buyers in the region.

Active listings across Durham Region were up approximately 15 to 20% compared to the same period in 2023. This is the natural result of the Bank of Canada's prolonged high-rate environment. Sellers who had been holding off decided to list, while some buyers remained sidelined waiting for rate cuts. The average days on market for a detached home in Durham sat around 25 to 35 days, depending on the municipality.

Homes priced correctly and presented well continued to sell within the first two weeks. The homes that sat were overwhelmingly overpriced or had significant condition issues. The gap between well-prepared listings and everything else has never been wider.

Oshawa continued to offer the lowest average prices for detached homes in the region, making it the go-to for first-time buyers. Whitby and Ajax held steady, with average detached home prices sitting in the mid-to-high range for the region. Clarington, including Bowmanville and Courtice, saw some of the strongest relative demand as buyers chased value outside the more established municipalities.

Pickering prices remained the highest in Durham, driven by proximity to Toronto, the future casino development area, and mature neighbourhoods. Overall, prices were flat to slightly positive year-over-year across the region, with most of the movement happening at the margins rather than in sweeping trends.

The Bank of Canada began cutting rates in June 2024, and that single announcement shifted the conversation across the region. While one cut does not transform the market overnight, it signalled the beginning of a trend. Buyers who had been waiting for confirmation that rates had peaked began re-entering the market.

Historically, the first rate cut is not when the market moves. The market moves when buyers believe additional cuts are coming and they want to act before prices adjust upward. If the Bank continues cutting through the fall, we expect a meaningful uptick in activity heading into 2025.

If you are thinking about selling, the current market rewards preparation more than it rewards timing. Homes in move-in condition with professional photography, proper staging, and strategic pricing are selling in days. Homes that are overpriced or need work are sitting for weeks or months.

The window before additional rate cuts push more buyers into the market could be your best opportunity to list without competing against a wave of other sellers who are also waiting for the market to improve. Listing in a balanced market often produces better outcomes than listing in a frenzy.

You have more negotiating power right now than you have had in three years. Inventory is up, competition is moderate, and sellers are more willing to negotiate on price, conditions, and closing dates. If you can qualify at current rates and you find the right home, buying before the next wave of rate cuts could save you more in purchase price than you lose in interest cost.

The math on timing the market almost always favours buying when you find the right home rather than waiting for a perfect moment that may never arrive. We are happy to walk through the numbers for your specific situation anytime.