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Durham Region Real Estate Market Update – February 2025

Love is in the air, and so are some exciting shifts in Durham Region’s real estate market! 💕 As we step into February, recent economic changes—including lower interest rates—are sparking new opportunities for buyers and sellers alike. Let’s explore what’s happening and how it could impact your real estate journey.

1. Market Activity: Gearing Up for Spring

The early months of the year tend to be slower in real estate, but momentum is already building:

• Home Sales: January saw a small dip in sales compared to December, but February is showing signs of increased activity.
• New Listings: Inventory remains low, giving sellers an advantage. Those listing now are benefiting from reduced competition before the spring rush.

For buyers, acting early may offer a better selection before demand surges!

2. Home Prices: Holding Steady

Durham’s housing prices have remained stable despite seasonal slowdowns:

• Average Home Price: Now $940,000, slightly up from January’s $935,000.
• Detached Homes: Approximately $1.05M, with strong demand in Whitby and Pickering.
• Townhomes & Condos: Attractive for first-time buyers, averaging $755,000 and $570,000, respectively.
• Affordable Options: Oshawa and Clarington remain the most budget-friendly, averaging $780,000.

3. Interest Rate Drop: A Win for Buyers

In a welcome change for homebuyers, the Bank of Canada recently lowered its key interest rate, easing borrowing costs. Lower rates mean:

• Improved affordability for buyers looking to enter the market.
• Potential for increased demand as spring approaches.
• A boost in refinancing opportunities for homeowners.

This shift could help reignite buyer confidence, making February a great time to start the home search!

4. Trade Policy Changes: Something to Watch

While real estate remains local, global trade policies can sometimes influence the market. Recently, a proposed U.S. tariff on Canadian imports was put on hold for 30 days as negotiations continue. While this primarily affects businesses, any long-term economic shifts could have an indirect impact on housing demand and consumer confidence.

5. Rental Market: High Demand Continues

With some buyers waiting to see how the market unfolds, rental demand remains high:

• Average Rent: A 2-bedroom unit now rents for $2,450/month, a 10% increase from last year.
• High-Demand Areas: Ajax and Oshawa are seeing strong rental interest, especially for townhomes and basement apartments.

If you're a homeowner thinking of renting out a property, now might be the perfect time!

6. Valentine's Day & Real Estate: Finding Your Perfect Match

Just like love, real estate is about finding the perfect match! Whether you're searching for:

💘 A first home to fall in love with
💘 A forever home to create lasting memories
💘 A savvy investment that warms your heart and wallet

The right property is out there waiting for you! With lower interest rates and a competitive market, now is a great time to explore your options.

Final Thoughts from Come Home To Love

As February brings thoughts of love and new beginnings, Come Home To Love is here to guide you in finding a home that captures your heart. Whether you're buying, selling, or planning for the future, we’re committed to helping you every step of the way.

Wishing you a month filled with love, joy, and exciting real estate opportunities! 💕🏡