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Durham Region Real Estate Market Update – November & December 2024

As the year comes to a close, the real estate market in Durham Region, Ontario reflects the seasonal slowdown we expect during the holidays. However, this quieter period also brings unique opportunities for buyers and sellers alike. Let’s unwrap the latest trends for November and December 2024 and take a look at what might be coming in the new year!

1. Seasonal Sales Slowdown

November and December traditionally see a drop in market activity, and this year was no different.

• Sales Volume: Total home sales in November fell by 8% compared to October, while December is forecasted to see an additional 12% decline.
• New Listings: Fewer homeowners listed their properties, with new listings dropping by 14% in November and an anticipated 18% decline in December. Sellers are holding out for the more competitive spring market, leaving inventory tight.

Despite the slowdown, committed buyers are finding opportunities, especially with less competition during the holiday months.

2. Stable Pricing Across the Board

Home prices in Durham Region have remained steady, holding firm amidst the seasonal changes.

• The average home price in December is expected to finish around $930,000, slightly below November’s $935,000 but still higher than December 2023 by 3%.
• Townhomes and condos continue to be popular options for affordability, with average prices at $745,000 and $565,000, respectively.

Areas like Pickering and Whitby remain hotspots for higher-end homes, while Oshawa and Clarington offer more accessible price points.

3. Interest Rates Bring Cautious Optimism

The Bank of Canada’s recent rate cuts have given buyers and sellers some hope, but affordability challenges persist. Many buyers are taking a wait-and-see approach, hoping for further economic stabilization in 2025. This cautious sentiment has resulted in longer average days on market, now sitting at 25 days compared to 18 days in the summer.

4. Rental Market Booms During the Holidays

With many buyers sitting out of the market, Durham’s rental market is thriving.

• Rental prices for 2-bedroom units rose to $2,400 per month in December, a significant 12% year-over-year increase.
• Demand remains highest in Oshawa and Ajax, particularly for townhomes and basement apartments.

5. A Look Back at 2024

This year brought significant changes to the Durham real estate market, including:

• Rising interest rates in the first half of the year, followed by cuts in the fall.
• A steady climb in home prices, despite lower sales volumes.
• Continued demand for affordable housing options and rentals, fueled by a competitive market.

6. Festive Opportunities for Buyers & Sellers

The holiday season is often overlooked as a prime time for real estate, but it can present unique opportunities:

• For Buyers: With less competition and motivated sellers, this is a great time to negotiate and find the perfect home before the new year.
• For Sellers: Serious buyers who are shopping during the holidays are likely ready to make an offer, making this an excellent time to list.

Warm Wishes from Come Home To Love

As we celebrate the holiday season, we’d like to thank all our readers and clients for an incredible year. Whether you’re buying, selling, or simply staying informed, we’re here to support you every step of the way.

Wishing you a joyful holiday season and a prosperous 2025! 🎄🏡

From all of us at Come Home To Love, may your home be filled with love, warmth, and happiness this Christmas and beyond.