HomeMortgageWho is not buying homes in Durham Region?

Who is not buying homes in Durham Region?

Lindsay Smith is with Keller Williams Energy Real Estate Brokerage and has been a Durham real estate broker for 36 years. He lives in Oshawa and can be reached at lindsay@buyselllove.ca.

In February 2022, we had 516 detached homes sell in Oshawa, Whitby and Clarington. Month to date, for July (25) we have had 233 homes sell. That is a decrease of 45 per cent! A good question would be, “Where did the buyers go?” However, I think a timelier question is, “Who has stopped buying?”

When the market shifts, with dramatic rate hikes, several types of buyers exit the market.

First are the ones who are priced out of the market. This would be many first-time buyers. From an overview, you would think with the values decreasing and the number of homes selling, dropping it would be a prime time for a first-time buyer to enter the market. However (and there is always a “however”), it seems in the real estate market, with the mortgage rates increasing, the “stress test” increases as well, pushing the qualification out of range of many buyers. Simply, the federal…

Read more at www.thestar.com

- Advertisment -

Most Popular