What's Happening in The Durham Region
It's still a Seller's Market, albeit cooling.
With just over 2 months of inventory, it remains a seller's market. Inventory increased in June and sales faltered down 15.8% in Durham from the prior month while pricing remained stable.
The Bank of Canada's June interest rate hike and the lack of inventory meeting buyer needs to this point have driven some buyers to the sidelines.
Every city/town is unique as are the communities within them. Scroll through to find your town.1920x965-June 2023 Market Statsby Brian Stanton
What's the Takeaway?
With inventory increasing and fewer buyers in the market the way a home is prepared, priced, and marketed is more important than in the last quarter. Inventory may have increased but it is still very low. Sellers who are prepared to attract buyers with the right listing strategy will come out on top.
Buyers who are qualified and prepared can take advantage of the slowing sales volume and increased inventory. Connect with experts like us to determine what your options are and how best to approach this market.
Could the market cool off?
Yes, in June we have already seen significant increases in new listings while sales have declined. While pricing has remained stable increasing interest rates impact affordability for buyers and that could continue to cool the market.
The next big announcement from the Bank of Canada is set to take place in Septmeber, 2023. Follow us to see what happens with interest rates and how that will affect the real estate market. *** July 12th Bank of Canada has raised its benchmark rate to 5%. This puts prime rate at 7.20%.***