Statistics released by the Canadian Real Estate Association (CREA) show national home sales and new listings were both down between April and May 2021.

Summary:

• National home sales declined by 7.4% on a month-over-month basis in May.
• Actual (not seasonally adjusted) activity was up 103.6% year-over-year.
• The number of newly listed properties fell back by 6.4% from April to May.
• The MLS® Home Price Index (MLS® HPI) rose 1% month-over-month and was up 24.4% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted a 38.4% year-over-year gain in May.

Home sales recorded over Canadian MLS® Systems fell by 7.4% month-over month in May 2021, building on the 11% decline recorded in April. Activity nonetheless remains historically high, but in contrast to March’s all-time record it is now running closer to levels seen in the second half of 2020.

CREA Updates Resale Housing Market Forecast: Housing activity forecast to continue easing over the second half of 2021 and into 2022

Ottawa, ON June 15, 2021 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate boards and associations.

Over the past several years, record levels of international immigration (not including 2020), low interest rates, and an increasingly middle-aged Millennial cohort have combined to fuel very strong household formation and housing demand in Canada. Recall that prior to COVID-19, the number of available listings nationally was already at a 14-year low and the national number of months of inventory on the eve of the lockdowns had fallen to below 4 months (seller’s market territory).

Source: http://www.durhamrealestate.org/blogEntry.cfm?b=25315

Check them out:

Almost every day is market day in Durham during the summer with farmers’ markets throughout the region offering up fresh and locally produced goodies.

Durham’s favourite farmers’ markets

SUNDAY 

The Clarington Farmers’ Market runs each Sunday from 10 a.m. to 2 p.m. outside the Newcastle Memorial Area, 103 Caroline St. W. The Clarington Farmers’ Market offers veggies from Clarington farmers, Ontario produce, baking, meats, prepped meals, specialty and artisanal products. To reduce the risk of spreading COVID-19, the market layout has been spaced out for added distancing and one-way walking flow. Customers also have a new preorder option through a Facebook group, Clarington Farmers Market Pre-Order Group.

The Uxbridge Farmers’ Market is open every Sunday from 9 a.m. to 2 p.m. Located beside the Second Wedge Brewing Co. on Victoria Street, the market is currently open for walk-through customers with one-way restrictions and physical distancing requirements in place. Customers are also invited to do curbside pickup, and can order from individual vendors online at www.uxbridgefarmersmarket.ca.

TUESDAY 

The Pickering City Centre Farmers’ Market went to a virtual format shortly after the pandemic hit. Starting July 14, the market returned. It’s on Tuesdays from 9 a.m. to 2 p.m. at the Esplanade South parking lot. There’s fresh produce, baked goods, meats and more. Those attending are asked to wear a mask and respect social distancing.

WEDNESDAY

The Whitby Farmers’ Market is back up and running from 9 a.m. to 3 p.m. with local produce, baked goods and handcrafted items in downtown Whitby. It takes place each Wednesday in Celebration Square at 405 Dundas St. until October and is run by the Durham Region Farmers’ Market Association. Visitors should follow COVID-19 guidelines to keep everyone safe, including maintaining physical distancing, wearing a mask, using hand sanitizer and staying home if unwell.

THURSDAY 

New this summer is the Bowmanville Reko Network where farmers’ market lovers meet food producers (no intermediaries, no resellers, no wholesaling). More than 90 per cent of the vendors here are farmers. Vendors post weekly ads, customers comment on the post to order, then both meet for pickup at Garnet B. Rickard Recreation Complex, 2440 Hwy. 2 in Bowmanville, every Thursday evening between 5:45 and 6:45 p.m.

FRIDAY 

Established in 1959 and predating the mall itself, the Oshawa Centre Farmers’ Market is a local mainstay, running Fridays from 7 a.m. to 3 p.m. in the north east parking lot of the mall at 419 King St. W. until October. With more than 20 vendors, all the market favourites are available, including fruit, vegetables, baked goods, honey, meat, maple syrup and wine. Visitors must socially distance, keeping two metres apart, and there is a capacity limit for the market.

SATURDAY 

The Port Perry Lakefront Farmers’ Market opened on July 4 and will run each Saturday through to Thanksgiving weekend. It’s open 8 a.m. to 2 p.m. and features wares from 17 vendors. It’s located on the Port Perry waterfront, at the intersection of Queen and Water streets, in the shadow of the Old Mill beside Palmer Park.

by Reka Szekely

Source: https://www.durhamregion.com/whatson-story/10076876-durham-s-favourite-farmers-markets/

1.            Know Your End Goal: Before starting your renovation, it is important to know what your end goal will be for the project. How extensively are you renovating? Are you doing so to improve the resale value of your home, or are you doing it to improve your own daily environment? Knowing the reason for the renovation can help you determine a plan for how to proceed and how in-depth you want to go.

2.            Set a Budget – and Stick to It: Once you determine the scope of your renovation project, you need to determine your budget. Determining your budget – and sticking to it – is one of the most important parts of any renovation. Renovations can easily spiral out of control or become much bigger than anticipated, if proper budgets and goals are not in place. However, even with the strictest budget, there could be unexpected costs, so be sure to add in a contingency fund. While it is easy to want a top of the line renovation, it is important to consider looking at alternative products or substitutes that may be just as sturdy but save you some money upfront.

3.            Obtain Permits: Many homeowners forget about this one, but it is extremely vital to your renovation project – especially those that are on a larger scale. While you may consider obtaining a building permit to be an unnecessary headache, it is necessary and will ensure the changes you make today won’t come back to haunt you tomorrow. These permits are necessary to ensure your house remodel meets structural and fire safety requirements. If you ever do put your house up for sale, code inspectors in most jurisdictions can enforce the removal of any non-conforming work if not up to snuff – creating a further (and more expensive headache) down the road.

4.            Ask for References: It is important to be sure that the work you are having done to your house will be done in a manner that ensures it remains safe and structurally sound. This is what makes asking for references so important! Don’t rely solely on client testimonials, seek out customers that can give you a firsthand account and answer any questions you may have. It is also important to see before and after images of a contractor’s prior work. Take the time to gather the information and determine which questions to ask!

5.            Consider Your Routine: My mom was always a DIYer when it came to home renovations. She painted herself, re-tiled entire rooms and had my dad help her put up drywall to split up big spaces! So, when it came to considering our routine this was a non-issue. However, for those of you like me (absolutely not a DIYer) who are planning on hiring a contractor, be clear about your daily routine! Work with the contractor to come up with start and end times that cause the least disruption to your daily schedule and help everyone remain comfortable.

Source: Bill Mitchell
Durhammortgage.com Ltd.
67 Old Kingston Road
Ajax, Ontario L1T 3A5
905-426-4200
Office Licence # 10231

DRAR President Michael Watson reported 1,574 residential transactions in May representing another record-breaking year-over-year increase of sales. Residential transactions in Durham Region decreased slightly when compared to April of this year.

New listings in Durham Region reached 2,048 an 80 per cent increase when compared May 2020. On a month-over-month basis listing decreased by 12 per cent when compared to April. The average selling price in Durham reached $902,135 for all home types.

“The demand for homeownership remains strong and the low borrowing costs continue to fuel the market,” said DRAR President Watson. “Listings are not staying on the market for long and housing supply needs to remain top of mind for policy makers. Supply cannot keep up with the demand and will continue to drive housing prices and competition between buyers.”

The MLS® Home Price Index benchmark price for Durham Region was up 34 per cent compared to the same time last year reaching $825,400. The benchmark price for Durham Region’s popular Clarington market was $753,600.

As the province lifts the stay-at-home order and we enter the first phase of the reopening plan, it is important to remain diligent following health and safety guidelines while safely conducting business. REALTORS® are encouraged to use virtual tools and conduct business virtually when possible. Open houses are still prohibited under the first phase of the reopening plan.

“The housing market is a key economic driver and the demand for homeownership and the change in living habits has increased interest in surrounding GTA markets. The housing supply issue has been acknowledged by policymakers as an issue. It is important to address the shortage issue not only affordability, but as new trends show the increased demand for markets such as Durham Region,” stated Watson.

Source: http://www.durhamrealestate.org/blogEntry.cfm?b=25282

Location is often touted as the prime value indicator for real estate. This is because properties in the best locations appreciate more during good real estate markets and hold their value better during down markets. The community in which you buy will have an effect on your resale potential, as will market conditions at the time you sell.

There’s usually higher demand for properties that are located in areas where the public schools are good. Because of the demand, these communities tend to be the most expensive. When faced with the alternative of costly private schools, many prospective buyers would rather pay for a more expensive home where they can send their children to the public schools.

Buying in a community that’s on the upswing can result in a big payoff when you sell. These communities are usually located adjacent to more affluent communities that are beyond the price range of most buyers. Look for communities that are close to public transportation, and within a reasonable commute distance of a major metropolitan area.

Location within a community can also affect a property’s resale potential. Usually, homes that are on busy streets, or next to freeways, will sell for less than similar homes that are located on quiet side streets. Being located across the street from a school, which can be noisy, may also result in a discounted price.

Buyers pay more for homes that offer easy access into the main living area. An entry that is level in from the street is ideal. A garage that opens directly into the kitchen area is also desirable. On the other hand, homes that are located up or down a lot of stairs are a hassle for most buyers. An inconvenient access can have an adverse effect on value.

If you buy a home that has an incurable defect, like a busy location or too many stairs, make sure that you don’t overpay. There’s nothing you can do to remedy an incurable defect. It can also negatively impact the price when you decide to sell.

The best time to sell a home that has an incurable defect is when the market is strong and the inventory of homes for sale is low. This is when buyers are willing to make compromises for the sake of being able to buy at all.

In a slow, buyer’s market, where there are plenty of homes for sale, buyers will take their time. They can afford to be choosy. You’ll have to discount your price more in a buyer’s market in order to look attractive relative to the competition.

It’s a good idea before you buy a home to check the permit history on the property. Make sure that you’re not paying a premium for remodeling that was done without necessary building permits. In some communities, homeowners are penalized if the building department becomes aware of work done without permits. You could incur extra expenses that you hadn’t anticipated.

THE CLOSING: Deferred maintenance usually results in a lower sale price. Your best protection is to keep your home well maintained.

Dian Hymer is author of “House Hunting, The Take-Along Workbook for Home Buyers,” and “Starting Out, The Complete Home Buyer’s Guide,” Chronicle Books. Copyright 2003 Dian Hymer

Distributed by Inman News Features

Durham Region Association of REALTORS® (DRAR) President Michael Watson reported 1,771 residential transactions in April. This represents a record-breaking year-over-year increase when compared to April 2020. Last year at this time was the first full month of the pandemic and the impact on the housing market should be taken into consideration.

New listings in Durham Region reached 2,336, a significant year-over-year increase but on a monthly basis this represents an 18 per cent decrease when compared to March. Residential transactions also decreased on a month-over-month basis by 15 per cent in April. The average selling price in Durham Region was $897,741 in April, a slight decrease from the $901,274 average reported in March.

“Durham Region’s spring market is still very busy with significant numbers reported each month. Durham is setting records for new listings and sales and remains a popular location for home buyers,” said President Michael Watson.

The City of Oshawa was recently ranked as one of the top communities in Canada, Ontario and Durham Region in the Maclean’s Best Communities in Canada 2021 report. Oshawa placed 34th out of 415 as one of the best communities across Canada, and ranked 13th in Ontario. The ranking also revealed Oshawa as the #1 community across Durham Region. 

The MLS® Home Price Index Benchmark Price for Durham Region was $820,700 in April a 33.45 per cent increase when compared to the same time last year. The Benchmark Price for a single-family detached home in Durham was $731,500. The average days on market reported in April was 9 days.

Although the market slowed down a month-over-month basis when compared to the record sales reported in March, demand remains strong with housing prices expected to continue to grow. As we are currently in a Province lockdown, we may experience another significant increase during the summer market.  

Source: http://www.durhamrealestate.org/blogEntry.cfm?b=25181

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales set another all-time record in March 2021 as increased supply became available.

Summary: 

• National home sales rose 5.2% on a month-over-month (m-o-m) basis in March.
• Actual (not seasonally adjusted) activity was up 76.2% year-over-year (y-o-y).
• The number of newly listed properties jumped another 7.5% from February to March.
• The MLS® Home Price Index (HPI) rose 3.1% m-o-m and was up 20.1% y-o-y.
• The actual (not seasonally adjusted) national average sale price posted a 31.6% y-o-y gain in March.

Home sales recorded over Canadian MLS® Systems climbed 5.2% between February and March 2021 to set another new all-time record. In the face of continuing strong demand, the increase in sales was likely the result of an increase in new supply. 

Source: http://www.durhamrealestate.org/blogEntry.cfm?b=24105

• National home sales rose 7.2% on a month-over-month (m-o-m) basis in December.
• Actual (not seasonally adjusted) activity was up 47.2% year-over-year (y-o-y).
• The number of newly listed properties climbed 3.4% from November to December.
• The MLS® Home Price Index (HPI) rose 1.5% m-o-m and was up 13% y-o-y.
• The actual (not seasonally adjusted) national average sale price posted a 17.1% y-o-y gain in December.

Home sales recorded over Canadian MLS® Systems jumped by 7.2% between November and December to set another new all-time record. 

Source: http://www.durhamrealestate.org/blogEntry.cfm?b=23749

The Durham Region Association of REALTORS® (DRAR) President Michael Watson reported 1,088 residential transactions in November 2020 representing a 25 per cent increase from November 2019. The number of new listings in Durham reached 1,042 with the average price in Durham at $762,739 last month.

The average selling price increased by 25 per cent compared to the average price in November 2019. The MLS® Home Price Index Benchmark Price in Durham Region was $691,000, a 19.91 per cent increase from the previous year. The Benchmark Price for a single-family detached home in Oshawa was $629,800.

“Homebuyers continue to seek the options in Durham Region’s housing market while taking advantage taking advantage of the low interest rates. It is important to note the low supply and demand in today’s market will continue to drive competition and tighten market conditions,” said Watson.

“The announcement of General Motors returning to Oshawa to reopen an assembly plant is great news for Durham Region. Oshawa continues to be an ideal location for new home buyers with a variety of housing options,” said Watson. “Oshawa is expected to have a strong GDP and economic recovery in 2021. General Motors is expecting to bring up to 2,500 jobs, driving the economic recovery.”

The Durham Region Association of REALTORS® (DRAR) President Vicki Sweeney reported 1,377 residential transactions in October representing a 42 per cent increase from the same time last year. 1,644 new listings were reported in October.

The average selling price in Durham Region reached $740,436 representing a 21 per cent increase from the same time last year. “We’ve seen recent statistics showing Canadians are willing to push back retirement if it means they are able to buy a home sooner. The desire for homeownership is stronger than ever, this is evident in Durham’s market with 900 detached home sales in October,” said DRAR President Vicki Sweeney.

“Durham Region continues to experience strong residential transaction growth on a year-over-year basis reaching record levels. The demand for homeownership remains strong and Durham’s diverse housing market and location continues to be an ideal option for buyers,” said Sweeney. “It is clear lack of inventory and low interest rates will continue to drive home sales.”

The MLS® HPI Composite Benchmark Price in Durham was $677,900 in October an 18.16 per cent increase year-over-year. The Benchmark price for a single detached home in the Oshawa market reached $617,600.

The Conference Board of Canada is expecting strong economic recovery in the Oshawa Census Metropolitan Area which consists of Oshawa, Whitby and Clarington. In Oshawa the GDP is expected to advance to 5.8 per cent in 2021. Strong housing markets will continue to drive economic recovery.

Source: http://durhamrealestate.org/blogEntry.cfm?b=23552