Although Durham is more affordable than other GTA regions, there is some price disparity among its eight municipalities, meaning some towns and cities are a little more affordable than others.
According to numbers recently released by the Central Lakes Association of Realtors, the region overall might be more attractive to prospective buyers looking for homes under $1 million.
CLAR’s most recent report indicates that the average home price (all home types combined) in the region hit $915,636 in July–below the average in Toronto ($1,087,436), Mississauga ($1,042,868), Brampton ($1,010,044), and the overall York Region ($1,305,476).
As for individual municipalities, prices vary across the board.
Uxbridge remains the most expensive municipality for homebuyers, boasting an average home price (all home types combined) of $1,441,395. Buyers can also expect to pay more in Whitby ($1,004,814), Scugog ($1,087,161), Pickering ($926,425) and Ajax ($954,114).
The average price in Clarington hit $851,400 last month and the average price in Oshawa came to $776,241.
The most affordable municipality is Brock, where the average price sits at $690,577. While the rural municipality boasts less costly housing, the type available is limited. According to the report, buyers are limited to detached and condo-townhouse properties.
As far as home types go, the average detached home price in Durham overall hit $1,028,666 last month.
Semi-detached prices cost buyers an average of $772,660, attached row townhouses cost $814,567 and condos cost $517,100.
The most affordable detached homes can be found in Brock ($684,792), Oshawa ($862,525) and Clarington ($923,059).
The report said that while sales are up from July 2023, the month-over-month picture shows less homes are changing hands, suggesting buyers are waiting for more interest rate drops.
“Almost all of our regions are experiencing an increase in sales compared to July 2023,” Vicki Sweeney, CLAR president, said in the report.
“However, there is a moderate month-over-month decrease in sales in most areas, with active listings on the rise. Although the Bank of Canada has reduced the interest rate, it appears buyers are waiting for further cuts.”
Last month, the Durham Region recorded 779 sales, a year-over-year increase of 1.8 per cent. The average price fell year-over-year, falling from $961,666 in July 2023.
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