Durham Region Housing Expected To Rise By 3% For 2020
Wednesday Nov 27th, 2019
DURHAM REGION MARKET OUTLOOK FOR 2020
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Top of the morning to everyone, I'm just having my 2nd coffee and reading the predictions for the 2020 housing market outlook by remax. According to their report the average sale price in Durham Region rose from $593,902 in 2018 to 609,628 in 2019. That's a 2.6% average increase for all of Durham Region. They expect more of the same for 2020 with a estimated 3% gain for Durham Region. I was kind of shocked too be honest as they are calling for larger gains in all the surrounding GTA areas. Here is a blog could-oshawa-home-prices-be-undervalued-compared-to-the-rest-of-the-gta and why I think Durham Region especially Oshawa has a lot more room to run. Remax is calling for a 6% rise in Toronto for 2020. Brampton, Mississaga and oakville are all expected to rise 5% in 2020. But only 3% in Durham in 2020.
Balanced market to prevail in 2020, prices to rise 3%
The RE/MAX Durham housing market outlook for 2020 continues to be balanced, following in line with the market conditions of 2019. The average residential sale price expectation for Durham Region in 2020 is an increase of three per cent, due to a healthy and steady market. Sales prices will continue to increase at a reasonable rate as long as inventory continues to be available in 2020.
Affordability is a concern to those looking to enter the Durham housing market. It is anticipated that affordability will deteriorate further in 2020 as the population continues to grow and more buyers move east to Durham from Toronto. The mortgage stress test prompted more Toronto buyers into the Durham region, which helped level out the loss of first-time buyers who were unable to enter the market in Durham in 2019. First-time home buyers are expected to be the main market driver in 2020. Communities in high demand will be Bowmanville and Newcastle. To Search Durham Region Real Estate Listings Click ----> listings.
The winter market doesn't seem to be slowing down in Durham Region here is the November Market stats for Oshawa:oshawa-real-estate-market-november-2019. Here is the best search engine when looking listings, type in your criteria and see everything for sale. If you are thinking of Buying or Selling in the Durham Region please contact me for a 2nd opinion before signing anything with your realtor, I would love to show you how i can save you thousands of dollars on either side.
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