We are still in the middle of a Seller’s Market that shows no signs of slowing down anytime soon. In fact, August saw the highest growth in sales, increasing 23.5% over last year’s sales. The Seller’s Market is here to stay due to the increase of demand but decrease of product.
Fewer people are putting their homes on the market, largely due to fears of being able to find another house that meets their needs without incurring even more debt. Instead, they are choosing to renovate their current home instead of venturing into the market. This is also making the lower end houses that are great for people wanting to enter the market even harder to find. The demand, when coupled with the scarcity of homes is the main contributing factor for the substantial increase in prices.
The average price of a house in August in the GTA has increased 17.7% compared to average price in August 2015. However, in the Durham Region specifically, housing prices have increased 22% since last year at the same time! Again, without the supply to meet the demand, the prices are going to increase. However, some areas are more affordable than others, which might mean that you open your search to other areas.
The Durham Region saw a greater increase in sale price compared to the rest of the GTA. In the Durham Region, the average price of a detached home ranges from $501,542 in Oshawa to $777,895 in Pickering. The average price of a townhome in Pickering and Ajax is now over $512,000.
Ultimately, the choice is up to you. In this market you may need to make some sacrifices, it’s a matter of what you’re willing to sacrifice. Are you willing to commute a little bit further to have a more affordable home? Are you willing to get a townhouse instead of that detached or semi-detached? Or will you search for your dream home and decrease expenses in other areas of your life. The choice is yours.