Durham Region Housing September 2024

Housing Market Report for September 2024

Here is the Region of Durham Housing September 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.}

COMING SOON

From Toronto Regional Real Estate Board

Read the Toronto Regional Real Estate Board Market Watch Report

Durham Region Full Report

In September 2024, the real estate market in Durham Region saw a continued softening in both prices and sales. The average sales price for the month dropped to $894,499, reflecting a 1.5% decline from August’s $907,997 and a 1.4% decrease compared to $907,359 in September 2023. This marks a steady downward trend as buyers face ongoing affordability challenges. Total sales for the month came in at 672, down from 709 in August but slightly above the 653 sales recorded in September last year, showing a relatively stable, yet slower pace of transactions.

Meanwhile, new listings surged to 1,964, up significantly from 1,605 in August and higher than the 1,727 new listings in September 2023. This increase in inventory is giving buyers more options, which is likely contributing to the cooling of prices. The months of inventory rose to 3.56, up from 3.10 in August, indicating a gradual shift into a balanced market as inventory levels rise and competition among buyers eases.

A growing trend of price adjustments has become apparent. Many properties have had price changes or have been terminated and relisted at lower prices as sellers adjust to market realities. This trend is likely to persist, especially following the Federal Government’s recent announcement of changes to default mortgage insurance, raising the minimum value to $1.5 million and extending the 30-year amortization option to first-time homebuyers, effective December 15. Additionally, Bank of Canada rate announcements on October 23rd and December 11th are expected to keep some buyers on the sidelines, waiting to see the impact on interest rates and further downward pressure on the real estate market.