Prices increased by 14% in August compared to the same time last year, a rising price trend that we have seen occur over the past few years. If you are already a homeowner this means that your family home has proved to be a worthy investment. The Seller’s market is holding strong due to lack of inventory, and a collective belief from locals and people moving East from the city that prices will continue to stay strong and rise due to the extension of the 407- making commutes even more accessible. Our first time home buyers (link homes have seen the highest growth in prices) and even families moving up from their starter homes, are finding the jump in prices a hard Real Estate pill to swallow. Low interest rates have allowed Buyers to meet the higher list prices of the Durham Region, but often by pushing themselves to their maximum budgets. This is especially due to the trend of homes to delay the acceptance of offers to generate multiples. The Toronto way of selling your home has migrated East and by using this strategy it ups the ante for Buyers! Bridging mortgages has also become a norm as Sellers are tending to purchase first in the competitive market before listing their own home for sale. The question we get asked most often about the Market is; When will it change…? Homes can’t possibly continue to rise in price at this rate- they are becoming unaffordable. Will there be a crash? WE believe Real Estate is still a strong investment in the Durham Region, but caution clients not to purchase at their top. CMHC forecasts the market to moderate and rates will remain close to current rates. However, nobody likes to be “house broke” and ensuring you can still afford your home should rates rise in the coming years should be a consideration when purchasing today.
Are you or someone you know thinking about moving? Give us a shout, we
would be happy to help, and as always...
Happy to house you!
Tula Thomas & Hayley Knapp Sales Representatives Right at Home Realty Inc., Brokerage