What's happening in the market in Durham Region?

It's still a Seller's Market

March is the 3rd consecutive month where detached homes, semis, and condos saw sold price increases for Durham as a whole.

Sales & New Listings are up in March and Days on the Market continue to decline in every market with the exception of Scugog.

Every city/town is unique as are the communities within them. Scroll through to find your town.

What's the Takeaway?

Sellers can feel confident knowing there is a growing but limited pool of listings competing for a larger pool of buyers.

Buyers can still find opportunities and while competition is heating up it's still not nearly what it was at the peak.

With interest rates holding and the market adjusting to the new normal. It will be interesting to see if more buyers enter the market and what impact that will have on the competition. More listings are hitting the market but it still doesn't seem to be keeping up with the demand.

1920x1048-Durham March 2023 by Brian Stanton

After a long snowing winter, the spring market is heating up

Last month we passed the one-year anniversary of the peak of housing prices and while the news may be preoccupied with the 17.9% year-over-year decline in GTA housing prices we’re more concerned with what buyers and sellers like you are working with today.

Has the housing market come full circle? One statistic is pointing to that conclusion.

Last month saw a typical increase in homes hitting the market from the previous month but inventory remains very low. We saw significantly fewer transactions as well in February but one statistic give us a clue that competition is heating up. Days on market are declining indicating buyers are getting more aggressive.

In fact, on the street, we’re seeing a significant increase in homes selling in multiple offers and average days on market dropping significantly something we’ll be keeping an eye on in the coming weeks.

Here are the stats for Markets Across the GTA in February 2023.

Durham February Market Watch Snapshot TRREB Data by Brian Stanton

Toronto & York Region February Market Watch Snapshot TRREB Data by Brian Stanton

Cobourg Port Hope February Market Watch Snapshot TRREB Data by Brian Stanton

THE BOTTOM LINE

FOR BUYERS: You can still make a conditional purchase and while competition is heating up in some markets for certain properties there lots of opportunities to find the home you want at good value. If you’re contemplating a buy and are on the sidelines there are a couple important first steps. Reach out and we can help you get the ball rolling.

FOR SELLERS: Now is a great time to sell your home. With more buyers entering the market and competition heating up you can benefit from the limited supply. You’ll want to consult with a realtor to determine how to make your move and how to best prepare your home so you get top dollar. Reach out to Jim and he'll help you get started 

Spring is the perfect time to start fresh and give your home a little extra TLC after the harsh winter weather. One area that can often be overlooked but should definitely not be forgotten is your deck. After months of being exposed to snow, ice, and freezing temperatures, your deck may be in need of a good cleaning to restore it to its former glory. Here are some tips for cleaning your deck at the beginning of spring.

1. Sweep and Remove Debris: Before you begin any deep cleaning, start by sweeping off any leaves, twigs, and other debris that may have accumulated over the winter. Use a broom or leaf blower to get rid of as much dirt and debris as possible.

2. Pre-Treat Stains: If you notice any stains or discoloration on your deck, it's best to treat them before you begin cleaning. There are a variety of deck cleaners and stain removers available at your local hardware store that can help to lift and remove stains.

3. Power Wash: A power washer is a great tool for cleaning a deck, but it's important to use it carefully to avoid damaging the wood. Start by using a low-pressure setting and gradually increase the pressure until you find the right level to clean your deck effectively without damaging it.

4. Apply Deck Cleaner: Once you've power washed your deck, apply a deck cleaner to help remove any remaining dirt and grime. You can use a scrub brush or a power washer with a rotating scrub brush attachment to work the cleaner into the wood.

5. Rinse and Dry: After you've applied the deck cleaner, rinse your deck thoroughly with a garden hose or power washer. Make sure to rinse away all of the cleaning solution and allow your deck to dry completely before applying any sealant or stain.

By following these simple steps, you can have your deck looking as good as new in no time. Regular cleaning and maintenance can help to extend the life of your deck and keep it looking beautiful for years to come.

Gutters and downspouts play a vital role in protecting your home from water damage. They collect rainwater and direct it away from your house's foundation and walls, preventing moisture build-up, erosion, and other issues that could compromise your home's structural integrity. However, gutters and downspouts are prone to collecting leaves, debris, and other foreign objects that could clog the system, rendering it ineffective. To prevent such problems, it is crucial to clean your gutters and downspouts regularly.

Here are some tips on how to clean your gutters and downspouts:

1. Plan ahead

Before you start cleaning your gutters and downspouts, it is essential to have a plan in place. Determine the best time to clean them based on the weather conditions in your area. Choose a day when the weather is clear, dry, and not too windy. Ensure that you have all the necessary tools and equipment, such as gloves, a ladder, a bucket, a garden hose, and a gutter scoop.

Cleaning gutters and downspouts can be a hazardous task, so it is vital to prioritize safety. Wear a pair of heavy-duty work gloves to protect your hands from sharp objects and debris. Use a sturdy ladder to reach your gutters and downspouts, and ensure that it is placed on a stable surface. Avoid leaning your ladder against the gutter, as it could cause it to collapse.

Start by removing any debris from your gutters using a gutter scoop or a trowel. Be sure to work in small sections, moving the ladder as needed. Place the debris in a bucket or a trash bag to dispose of later. Ensure that your downspouts are clear by using a garden hose to flush out any remaining debris. If the downspouts are clogged, you may need to use a plumber's snake or a pressure washer to remove the blockage.

While cleaning your gutters and downspouts, take the opportunity to inspect them for any signs of damage. Look for cracks, rust, or holes in your gutters or downspouts. These can cause leaks or prevent water from flowing properly. If you notice any damage, make necessary repairs or consider replacing the damaged parts.

Installing gutter guards can prevent debris from accumulating in your gutters and downspouts in the future. Gutter guards come in various materials, including mesh, foam, and solid covers. They are easy to install and can save you time and money in the long run by reducing the frequency of gutter cleaning.

In conclusion, cleaning your gutters and downspouts is a crucial part of maintaining your home's integrity. By following the tips above, you can ensure that your gutters and downspouts are functioning correctly, and your home is protected from water damage. Remember to prioritize safety, inspect for damage, and consider installing gutter guards to prevent future clogs. By doing so, you can enjoy the benefits of a well-maintained gutter and downspout system for years to come.

Last Friday we attended the Toronto Regional Real Estate Board’s 2023 Market Outlook. Here is what we learned.

Increased immigration and higher borrowing costs are the two primary forces that will shape the 2023 Real Estate Market across the GTA.

TRREB predicts 70,000 homes will be sold in 2023. Fewer than in 2022, largely due to a slow start to the year followed by more sales in the second half of 2023.

TRREB predicts the average price (across all home types) for the year will be $1,140MM which would be higher than in the second half of 2023 yet 4% behind 2022’s overall average.

Ipsos Polls indicated that:

Buying intentions are up slightly over last year with 28% surveyed intending to make a purchase in 2023.

The number of First-Time Home Buyers intending to purchase in 2023 has increased from 39% to 46%.

Listing intentions were up over 2022 among townhome owners and similar for condo apartments and semis but detached homeowners are less likely to sell in 2023.

Increased immigration and borrowing costs will keep the rental market competitive and rent. Rental vacancies will trend lower leading to increased rents for tenants.

The INTEREST RATE OUTLOOK is positive from TRREB’s perspective predicting that if inflation eases as we move through the year that rates will flatten and point downward by year's end.

THE BOTTOM LINE

For SELLERS: While you won’t see the enormous month-over-month price gains we saw during the pandemic, a more balanced market with more buyers entering the market will be beneficial as we head into the second half of 2023.

We’re already starting to see competition pick up on certain properties due to limited supply.

For BUYERS: A more balanced market allows buyers to better set expectations and pricing is much more affordable compared to a year ago. TRREB’s outlook on interest rates also provides comfort. A balanced market provides First-Time Homebuyers more opportunities to get into the market.

Housing prices are down year over year going back to January 2022 and there are lots of headlines on that topic, but there’s a silver lining if you look deeper.

Yes, the days and seeing double-digit price increases in such a short period of time are well behind us. As the market adjusts, we need to look ahead rather than behind to make informed decisions regarding our real estate. 

THE GOOD NEWS

While many buyers are still waiting, slightly more will enter the market in 2023 and those who do will find homes significantly more affordable than a year ago.

If you’re thinking of selling your home you should be feeling relief as pricing in many markets across the GTA is stabilizing and many areas and housing types saw the average price increase from December to January. On the street, we’re even starting to see many homes sell in multiple offers again.

Here are the stats for Markets Across the GTA in January 2023.

1080x1080-JAN 2023 Market Stats by Brian Stanton

THE BOTTOM LINE

A more balanced market offers you the opportunity to evaluate your situation and determine what the right move is for you without the pressure of wild bidding wars or the prospect of massive interest rate hikes.

CLOSING

We can expect another headline-grabbing set of statistics for year-over-year average pricing in February but if you’re thinking of making a move in today's market what’s more important is what is happening in the market today. 

If you need help determining if you can make the move you want to make in 2023. Reach out to us, we're happy to help.

Real Estate Housing forecasts for 2023

info from Steve Huebl is a graduate of Ryerson University's School of Journalism and has been with Canadian Mortgage Trends

Rising interest rates in 2022 drove home sales and prices lower, though price declines have so far been somewhat modest compared to the run-up in prices in recent years.

But what does 2023 hold in store? Below, we’ve compiled an assortment of forecasts, with some predictions for relatively flat-lined growth, while others see further declines on the horizon.

Looking at 2022, projected figures suggest home sales will end the year at 532,545, a 20% decline compared to 2021, according to the Canadian Real Estate Association. Home prices, meanwhile, are forecast to end the year up 4.7% to an annual average of $720,255.

Tight supply has been a recurring theme, with CREA noting the months of inventory measure remains historically low, despite improvements in recent months.

“In terms of monthly new supply, the bigger picture is listings are not flooding the market,” CREA noted. With the exception of 2019, November 2022 saw the fewest new listings for that month in 17 years.

While home price growth is expected to moderate in 2023, recent data show Canadians continue to hold a positive view toward real estate.

“Canadians are understandably hesitant to engage in the market early in 2023,” said Re/Max Canada President Christopher Alexander. “Despite this, more Canadians see real estate as a solid long-term investment when compared to this time last year.”  

Real Estate Market 

CREA

• 2023 home sales forecast: 520,156 (-2.3% year-over-year)
• 2023 home price forecast: $721,814 (+0.2%)
• Commentary: “With interest rates rising, home sales have continued to cool. In some parts of the country, home prices have fallen from their peaks earlier this year, are flat in some regions, and are still climbing in others. The issue of not enough homes for sale has not gone away.”
• Link

Royal LePage

• 2023 house price forecast by Q4: -1% year-over-year
  
• Commentary: “Comparing prices to the previous year, the first quarter of 2023 should show the deepest decline in home values,” said Phil Soper, president, and CEO of Royal LePage. “At that time, we will be comparing 2022’s final weeks of pandemic housing market excess – when home prices reached historically high levels – to a much quieter market, where values have had a full year to moderate. We expect year-over-year comparisons to show progressively less price decline as the year goes on, with small week-to-week improvements in the third and fourth quarters, allowing Canadian home values to end 2023 essentially flat to where we are today.”
  
• Link

TD

• 2023 house price forecast: -10.7%
• Commentary: “Weaker sales activity should push prices even lower in the near term. However, our forecast calls for average prices to only partially retrace their pre-pandemic gain when they eventually bottom. An unanticipated surge in resale supply would undermine this view, but so far the rate at which new listings are hitting the market has been subdued.”
• Link (data)
• Link (commentary)

RBC

• 2022 house price forecast: -8.5%
• Commentary: “The market correction’s silver lining is it’s setting the stage for some affordability improvement in the year ahead. We expect the national benchmark price to fall 14% from its early 2022 peak, providing significant scope to lower ownership costs once interest rates stabilize. We think that could start in the early part of 2023—though the timing is poised to vary by market. Growing household income will partly drive the improvement process. It will likely take years to fully reverse the tremendous deterioration that took place since 2021.”
• Link (data)
• Link (commentary)

Fitch Ratings

• 2023 house price forecast: -5% to -7%
• Commentary: “High mortgage rates reduce affordability and lead to lower demand, pressuring prices, although housing supply limitations may curb price declines…Home price softening will be most severe for Canada, whose anticipated peak-to-trough decline of 15%, as measured by the mid-point of our forecast ranges, is among the steepest of the markets profiled.”
• Link

The 2nd quarter August 22 R.E. Stats are in for Whitby communities!