The Whitby housing market has seen a tremendous bounce-back following an earlier slump this year. This post will detail the market\u2019s current situation to help you better understand what you might be getting into if you\u2019re considering a new home in Whitby.<\/a><\/p>\n\n\n\n Keep in mind that this post does not constitute financial advice. Rather, we\u2019re analyzing market data and providing our perspective based on our expertise in the Ontario real estate market.<\/p>\n\n\n\n Whitby house prices climbed to an average of $815,000 between the months of May and June, according to Zolo.<\/a> That\u2019s up a staggering 19.1% from the previous period of April to May, when house prices in Whitby, Ontario had fallen all the way down to $673,000 on average.<\/p>\n\n\n\n Numbers like these mean that the Whitby housing market\u2019s recovery has been more swift than that of many other cities in the GTA. <\/p>\n\n\n\n The growth has been enough to push Whitby house price growth into positive territory for not just the quarter but the entire year, which is now 19.3% in the green.<\/p>\n\n\n\n While house prices in Whitby, Ontario have risen, so too has the number of days properties currently spend on the market. Homes spend an average of 46 days on the market as of writing, up significantly from the 16-day average seen this time last year.<\/p>\n\n\n\n It\u2019s not hard to imagine why this is the case. The COVID-19 pandemic shook many prospective buyers and sellers<\/a> out of the market. In fact, the Canadian Mortgage and Housing Corporation have predicted<\/a> that sales will be deflated until 2022 as a result of the pandemic.<\/p>\n\n\n\n These expectations are nation-wide, however. Statistics from Zolo show that cities are being affected in very different ways. House prices in Toronto, for example, remain down 8.2%<\/a> for the quarter.<\/p>\n\n\n\n While the period between May and June saw a dramatic increase in house valuations for Whitby, Toronto\u2019s housing prices nudged upward only slightly.<\/p>\n\n\n\n There are many possible reasons for this. Municipalities in Durham Region<\/a> are among the most sought-after Greater Toronto Area suburbs.<\/a> They\u2019re still close enough to the city that you can reasonably commute to work. Meanwhile, you\u2019ll be able to afford a much nicer home on a bigger lot than you could ever afford in the city.<\/p>\n\n\n\n You should also remember that many jobs in Canada are moving online for good.<\/a> Those who previously lived in the city to be close to work no longer have <\/em>to do so.<\/p>\n\n\n\n There are several key pieces of data that suggest demand and preference are at least partially to blame for the disparity between the Whitby market\u2019s recovery and that of other municipalities.<\/p>\n\n\n\n In addition to house prices in Toronto still being deflated, properties are currently spending slightly longer on the market than those in Whitby \u2013 48 days on average.<\/p>\n\n\n\n Another potential explanation for the Whitby housing market\u2019s quick recovery is an overall lack of supply. This time last year, there were more than 400 active listings in Whitby, with 205 being sold. Currently, there are just 270 listings.<\/p>\n\n\n\n These properties are overwhelmingly detached homes, representing Whitby\u2019s difference in lifestyle compared to cities like Toronto. Condos still sell in single-digit quantities compared to detached homes and townhouses.<\/p>\n\n\n\n This year has undoubtedly been a nervewracking time for people looking to buy their first homes. Economic turmoil has affected not just house prices but also job security. Many are unfortunately no longer in a healthy financial situation. At Paradise Developments, we sympathize greatly with those who may, unfortunately, feel the need to put off plans for achieving milestones as significant as purchasing a home.<\/p>\n\n\n\n There\u2019s good news in all of this, though.<\/p>\n\n\n\n If your financial situation has remained largely unchanged since this all began, generally lower house prices throughout the GTA may work in your favor. Paradise Developments has partnered with Scotiabank mortgage specialists to offer pre-approvals for our clients. This is actually among the perks of purchasing a new-build.<\/a> Traditionally, you\u2019d have to secure a mortgage on your own, which can be daunting even in the best of times. It\u2019s very difficult to predict what housing markets will look like a few months from now. This can leave many prospective buyers feeling anxious about whether they truly should be purchasing a home right now.<\/p>\n\n\n\n Here\u2019s some food for thought.<\/p>\n\n\n\n Experts are generally not expecting<\/a> a full collapse of Canada\u2019s housing market, despite the current challenges. In fact, some (including RE\/MAX<\/a>) have described the recent turbulence as a correction. It\u2019s important to remember that property valuations in Ontario had been rising at unprecedented levels for years. At the end of 2019, experts were speculating<\/a> as to whether the next recession would finally pop what many felt was a \u201creal estate bubble.\u201d<\/p>\n\n\n\n In other words, it can be helpful to think of the current real estate market situation as more of a retreat from unsustainable highs.<\/p>\n\n\n\nWhitby Housing Market Overview For June 2020<\/h2>\n\n\n\n
Time Spent On The Market<\/h3>\n\n\n\n
Available Inventory<\/h3>\n\n\n\n
What Does This All Mean For Homeowners?<\/h2>\n\n\n\n
Be sure to check out our market overviews for these cities as well:
– Brampton<\/a>
– Ajax<\/a>
– Pickering<\/a> <\/p>\n\n\n\nWhat Does The Future Hold?<\/h2>\n\n\n\n