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 prices of over a million dollars, 2023 is predicted to begin to return to the pre-pandemic market.
A Seller’s Market? Maybe Not!
The past years have been strong for Durham Region sellers. But what about the future? Well, as interest rates continue to rise, experts have predicted that the real estate market will begin to balance out.
What does that mean for home buyers? It means that the market will be less competitive than the last few years, and that homes sell close to their asking price. For sellers, it may be slightly more difficult—but a well-priced home in the Durham Region will no doubt garner a lot of interest!
Real Estate Is Still A Priority
As the real estate market county-wide has seen fluctuations over the past few years, most do believe that real estate remains a good investment. While housing prices have increased, 2023 is projected to be the year where we’ll see a decrease—but opinions on investment have never been more favourable.
The majority of Durham Region residents do own their home, and maintain that this is a great long-term investment.
Thinking About The Future
Unsurprisingly, Durham Region residents are concerned about the future—about the real estate market, and how it might change over the next few years. Pandemic living has affected many, and caused us to reevaluate our finances. Plus, there is also the issue of inflation, and Ontarians are concerned about taxes, interest rates, climate change, and the economy.
Durham Region Real Estate Market, In Summary
Questions about whether home ownership is achievable in the foreseeable future is a major point of debate, but many still do have confidence in this. Other questions about the expanding market further and further into the suburbs have also come up. While big-city living, such as in Oshawa, is more expensive than its suburban counterparts, many also do not want to move too far from where they are currently located.
Generally, the outlook for the real estate market in 2023 is positive, in favour of buyers, as housing prices are projected to fall slightly.
Are you looking to buy or sell a home in the Durham Region? Contact Dan Plowman today. Your dream home is just one click away.
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