Durham Region Housing August 2024

Housing Market Report for August 2024

Here is the Region of Durham Housing August 2024 report (all housing types), with reports from the Canadian Real Estate Association, and Toronto Regional Real Estate Board included.

This housing report for Durham Region includes the number of new listings, average list price, number of properties sold, average selling price, average days on market and average asking price to selling price ratio for all property types within the Region of Durham.

^{Scroll to the bottom for links to take you to the housing market reports for Uxbridge, Scugog and Brock.}

Ottawa, ON September 16, 2024 – National home sales increased in June following the Bank of Canada’s first interest rate cut since 2020, and activity posted another small gain in August on the heels of the second rate cut in late July, but the bigger picture appears to be a market mostly stuck in a holding pattern.

Highlights:

• National home sales edged up 1.3% month-over-month in August.

• Actual (not seasonally adjusted) monthly activity came in 2.1% below August 2023.

• The number of newly listed properties ticked up 1.1% month-over-month.

• The MLS® Home Price Index (HPI) was unchanged month-over-month but was down 3.9% year-over-year.

• The actual (not seasonally adjusted) national average sale price was almost unchanged (+0.1%) on a year-over-year basis in August.

There were about 177,450 properties listed for sale on all Canadian MLS® Systems at the end of August 2024, up 18.8% from a year earlier but still more than 10% below historical averages of around 200,000 listings for this time of the year.

From Toronto Regional Real Estate Board

Toronto Regional Real Estate Board – Market Stats At A Glance – August 2024

Read the Toronto Regional Real Estate Board Market Watch Report

Durham Region Full Report

In August 2024, the real estate market in Durham Region experienced a slight decline in activity and pricing. The average sales price dipped to $907,997, down from $915,636 in July 2024 and $930,852 in August 2023. Total sales for the month were 709, a decrease from 779 in July and below the 776 sales recorded in August of last year. New listings also dropped to 1,605, compared to 2,023 in July, though they remained higher than the 1,526 new listings from August 2023. This increase in inventory suggests a more balanced market, indicating less seller’s market pressure and potentially more opportunities for buyers. Overall, the Durham Region real estate market appears to be transitioning towards a more balanced state.