December AND YEAR-END 2023 UPDATE: NAVIGATING THE GTA & DURHAM REGION REAL ESTATE MARKET

Welcome back to our comprehensive real estate market update for the Greater Toronto Area (GTA) and Durham Region. As we close 2023 and look back at the year, there are several key trends and statistics stand out. Let’s delve into the latest developments:

GTA Market Insights:

  • Sales Activity: The GTA home sales in 2023 totaled around 65,982, marking a 12.1 percent decrease compared to 2022. This decline is primarily due to affordability challenges driven by high mortgage rates. TRREB President Jennifer Pearce notes that while high borrowing costs and stringent mortgage qualifications impacted the market in 2023, there is optimism for 2024 with expected…

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NOVEMBER 2023 UPDATE: NAVIGATING THE GTA & DURHAM REGION REAL ESTATE MARKET

Welcome back to our monthly real estate market update for the Greater Toronto Area (GTA) and Durham Region. November 2023 has been a noteworthy month, witnessing continued impacts of high borrowing costs and uncertain economic conditions on the housing market. Let's delve into the latest developments:

GTA Market Insights:

  • Sales Activity: November 2023 saw a decrease in home sales in the GTA, with REALTORS® reporting 4,236 sales through TRREB’s MLS® System – a 6 percent decline compared to November 2022. This downturn is primarily attributed to inflation and the impact of elevated borrowing costs on affordability.

  • New Listings: In contrast to the drop in…

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Shared Homeownership: A Rising Trend in the Canadian Real Estate Market

In the dynamic landscape of Canadian real estate, shared homeownership is emerging as a significant trend. As housing prices in cities like Toronto and Vancouver soar, co-ownership offers a feasible alternative, enabling individuals to pool resources and share the financial burden of a property.

Why Shared Homeownership?

The rise in shared homeownership is a response to the persistent challenges presented by high housing costs in Canada's pricier real estate markets. This model offers an inclusive solution that allows individuals to come together to realize their dream of property ownership, making it more accessible and attainable for many.

Diverse Demographics

The…

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Welcome back to our monthly update on the Greater Toronto Area (GTA) & Durham Region real estate market. As we delve into the numbers and trends of September 2023, we find that the real estate landscape in the GTA continues to navigate the challenging waters of high borrowing costs, inflation, and economic uncertainty.

**Market Overview:**

1. **Sales Activity**: In September 2023, REALTORS® reported 4,642 home sales through TRREB's MLS® System. This represented a 7.1 percent decline compared to September 2022. The dip in sales was more prominent for ground-oriented homes, such as semi-detached houses and townhouses. On a month-over-month seasonally-adjusted basis, sales also saw a slight decrease.

2. **New Listings**: New listings surged on a…

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Welcome back to our monthly update on the Durham Region real estate market. As we delve into the numbers and trends of August 2023, we find that the real estate landscape is marked by a delicate balancing act between various factors that impact both buyers and sellers.

Market Overview:

1. Average Home Price: In August 2023, the average home price for properties in the Durham Region was $930,852. This figure provides valuable insights into the affordability and attractiveness of homes in our community.

2. Sales Activity: During the month of August, a total of 776 homes were sold in the Durham Region. This represents a snapshot of the ongoing demand for homes despite the challenges posed by economic uncertainty and fluctuating interest rates.

3.…

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Welcome back to our latest update on the Durham Region real estate market for July 2023! As summer heats up, we're here to give you the lowdown on the most recent market statistics and trends shaping the real estate scene. Whether you're a potential buyer, seller, or investor, staying informed about the evolving market conditions is crucial. So, let's dive into the data and explore the exciting developments that unfolded in the Durham Region real estate market last month.

Key Highlights of July's Real Estate Activity:

1. Strong Sales Activity: In July, a total of 770 properties were sold in the Durham Region. This robust sales activity reflects the ongoing interest from both homebuyers and investors, underscoring the area's popularity.

2.…

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Welcome to our monthly real estate market update for Durham Region! As we dive into the numbers and trends of June 2023, we'll provide you with valuable insights and analysis to help you navigate the dynamic housing market in this vibrant region. Whether you're a potential buyer, seller, or investor, understanding the current market conditions can make a significant difference in your real estate decisions. Curious about how much your neighbourhood's homes sold for? Let's jump in and explore what June had in store for Durham Region!

Overall Market Performance: With a significant number of properties sold and an impressive average home price, Durham Region continues to be an attractive destination for homebuyers and investors alike. Let's jump into…

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Welcome to our monthly real estate market update for Durham Region! As we delve into the numbers and trends of May 2023, we'll provide you with valuable insights and analysis to help you navigate the dynamic housing market in this vibrant region. Whether you're a potential buyer, seller, or investor, understanding the current market conditions can make a significant difference in your real estate decisions. Curious about how much your neighbourhood's homes sold for? Let's dive in and explore what May had in store for Durham Region!

Overall Market Performance: The real estate market in Durham Region continued to showcase its strength and resilience in May 2023. Despite some ongoing challenges, such as limited housing supply, the region remained…

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Red graph with miniature homes steadily increasing

Ontario’s real estate market has historically been very strong, with housing prices increasing steadily over the years. As likely an echo of the pandemic, 2022 saw the market reach new heights, in favour of sellers. However, early predictions for the year ahead see different trends—and that could be great news for potential buyers. 

Housing Prices: The Drop

Although it is still quite early, Durham Region housing prices are expected to drop. Coming off another great increase last year, this is great news for buyers—especially young people trying to purchase their first home. 

But how much are prices expected to go down? If you’re expecting a large decrease, well unfortunately things don’t seem to be there just yet! While 2022 saw average home…

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Person calculating closing costs for the sale of a Durham Region home

One of the biggest mistakes that first-time home buyers make is failing to budget for closing costs. In fact, even experienced home buyers can overlook expenses related to the sale of a home that go above and beyond the purchase price. Both buyers and sellers are required to pay closing costs, so it is important to know what to expect before entering into a home sale.

What Are Closing Costs?

Closing costs are upfront expenses that you must pay when finalizing a home purchase. They typically cover legal and administrative costs and are separate from your down payment and mortgage fees. 

Closing costs in Canada can be anywhere from 1.5% to 4% of the purchase price of the home. So if your new home costs $400,000, the closing costs could be…

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