Toronto is within an hour’s drive from Durham Region, creating the perfect moving spot for those who want a little more space, yet stay close to the city.
Cannington and Clarington are the most searched regions for Durham Region homebuyers at present, suggesting steep price hikes are pushing homebuyers east. In Durham Region, plenty of new single-family homes that are being built are attractive to those coming from Toronto, where the only place to build is up. The prices in Durham are in line with Toronto – you can get a single detached family home for less than you would pay for a multi residential space or condominium in the city.
According to president of Durham Regional Association of Realtors, Michael Watson, “The spring market has begun early, and we are seeing an influx of listings in the market, which indicates better opportunities for buyers.” Durham Region has experienced a steep increase in price over the last decade. Watson continues to say that new inventory is vital to maintaining a balanced housing market.
What can Durham Region expect within the coming year?
Consumers’ needs for more space, driven by the pandemic-induced lifestyle changes, such as remote working and increased demand for outdoor space, will drive buyers out of big cities and back to smaller suburban communities.
Many homebuyers and investors find today’s interest rates to be lower than ever and forecast an increase in them going forward. Durham’s demand for real estate will increase even more, fueling bidding wars and increasing home prices. Whether you’re looking to buy a home in Durham Region’s hot markets or to sell your current home, a Realtor® can help you deal with your competition with confidence!
Picture Credit: durham.ca