The housing market in Durham Region is showing signs of change! Things are starting to shift, and it’s a great time to talk about what’s happening and what it means for you. Whether you’re thinking about buying a home or selling one, there’s important information to know. Let’s break it down!

What’s Happening in the Market?

In November, more homes were sold in Durham Region compared to the same time last year. In fact, sales went up by 39%! Across the Greater Toronto Area (GTA), sales increased even more—by 40.1%.

But here’s the catch: fewer homes are being listed for sale. In October, there were 1,766 new listings, but in November, that number dropped to just 1,198. That’s a big drop—32% less! Active listings (homes still available for sale) also went down, from 2,226 in October to 1,817 in November, an 18% decrease. With increasing demand, we need more homes to replace the ones that have sold. Right now, we’re not getting that.

Why Does This Matter?

When there are more buyers than homes for sale, prices can start to go up. Right now, we’re seeing signs that this might happen soon. Experts are predicting that in early 2025, there will be more competition among buyers. This could make it harder to find a good deal on a house and you could end up paying more.

What About Interest Rates?

Here’s some good news for buyers! The Bank of Canada is expected to lower interest rates by 0.5% this month. Lower rates make it cheaper to borrow money to buy a home. This will encourage more people to start shopping for houses, which means even more competition for the limited number of homes available.

Are We Moving Toward a Seller’s Market?

To figure out where the market is heading, experts use something called the “Sales to New Listings Ratio.” This shows the relationship between how many homes are sold and how many are listed for sale.

  • Below 40% = Buyer’s Market (good for buyers)
  • 40% to 60% = Balanced Market (fair for both buyers and sellers)
  • Above 60% = Seller’s Market (good for sellers)

Right now, this ratio is at 61.7%, which is a big jump from 42.8% last November. This means we are starting to move toward a Seller’s Market. If you’re thinking of buying a home, now might be the best time before things tip further in favour of sellers.

Home Prices and Inventory

The average sale price of homes in Durham Region has gone up by 2.4% compared to last year. This increase isn’t huge, but it shows that prices are no longer going down.

Another important number to watch is Months of Inventory. This tells us how many months it would take to sell all the homes currently on the market if no new ones were listed. Right now, it’s at 2.5 months. This gives buyers a good amount of choice, but as this number gets smaller, it means homes are selling faster, and buyers have fewer options.

Finally, the Days on Market—how long it takes for a home to sell—is currently at 24 days. If this number starts dropping, it will mean homes are selling even faster.

What Should Buyers Do?

If you’re looking to buy a home, now is a great time to act! Here’s why:

  1. There are still homes to choose from, but the number is shrinking.
  2. Interest rates are expected to drop, making it cheaper to buy now than later.
  3. If you wait too long, the market could shift further into a Seller’s Market, and you’ll face more competition.

What Should Sellers Do?

If you’re thinking about selling your home, this could be the perfect time to start planning. The market is moving in your favor, and we can help you:

  • Set the right price for your home.
  • Make your home stand out to buyers.
  • Use our A.I. Advantage to reach the best buyers and maximize your profit.

Let’s Make a Plan Together

Whether you’re buying or selling, we’re here to help! It’s important to stay ahead of the market changes and make the right moves for your future.

  • Call us today at 905-442-5847.
  • Email us at team@willowsgroup.ca.
  • Book a free consultation on our calendar here.

Don’t wait! The market is starting to pick up speed, and there’s still time to find great deals. Let’s get started!