Housing Affordability in Durham Region

According to Desjardins Group Economic Studies, the Canadian housing market is now less affordable now than it has been on average for the last 25 years. The decline in affordability stems from average home prices rising faster than the average household income during the last three months. Most of the decline in affordability can be blamed on a rise in mortgage rates.

Despite affordability declining in the third quarter, it is only slightly below the average for the last 25 years. "A much steeper drop would be needed to rein in the Canadian housing market," according to Desjardins economists. Home sales, which plummeted after the new federal government rules came into effect in summer 2012, have started to trend upward in the last few months. Rising mortgage rates during the summer hurried buyers; many took action out of fear that mortgage rates would climb even higher. Even if the coming months bring more increases; they won't be enough to trigger a significant dip in affordability. However, housing market activity in Canada should stabilize soon. Rising prices, which are at historic highs in the country's main agglomerations, should eventually start cooling buyer enthusiasm.

Most markets are still affordable in Ontario, especially within the GTA, such as Pickering, Ajax, Whitby, Brooklin, Oshawa, Courtice, Bowmanville and the municipality of Clarington.

Toronto offers reduced affordability where the average home price is now $527,821, well above average prices throughout the province. The key takeaway from the study is that many buyers from major metropolitan markets choose to buy in the suburbs or in smaller downtown condos in order to gain more affordable housing.

For many young families, the best opportunities can be found in desirable municipalities such as Whitby and Brooklin because it is affordable and it offers so many amenities. People with children quickly learn that Whitby, Brooklin, Ajax, Pickering offer fantastic recreation programs and facilities for hockey, soccer figure skating, tennis, baseball, lacrosse, skiing, swimming and just about every other sport imaginable. Whitby minor hockey teams and their programs are so well regarded that I have helped families move into the Whitby or Brooklin, so their children would be able to play for a Whitby hockey team. Additionally, Whitby’s indoor soccer dome has been a boon for young families. Offering programs for both boys and girls year-round, the dome is now the place to be for young families.

If you are looking for a house in Durham Region or are already a homeowner and wish to move to a new house in Pickering, Ajax, Whitby, Brooklin, Oshawa, Courtice or Bowmanville, please contact me or visit my website for more information.

I can answer all of your questions, help you find the right neighbourhood and the perfect house at a great price. Having sold real estate full time in Whitby and the surrounding areas for over 20 years, you can assured of exceptional local market knowledge and  skilled representation. Nothing beats experience.

As the top producing at for 2013 at Re/Max Rouge River Realty Ltd.(amongst our five offices), you can be assured of a worry- free move and service that will exceed your expectations.

Randy Miller

Sales Representative

Re/Max Rouge River Realty Ltd., Brokerage

905-668-1800 or 905-427-1400

randy@randymiller.ca
www.randymiller.ca