AUG 6 - Condominiums vs. Freehold in Durham Region

The first week of August brought 302 new properties for sale in Durham Region, and 129 sales.

Average price for all property types was at 923K, 19K less than the week before.

Is it a good time to sell a condo?

Average price for freehold dropped by 29% since February.
Average price for condos peaked in March and dropped by about 20% since – 9% less than change in average freehold pricing.

In a market such as Durham Region where majority of dwellings being sold are freehold, condos are typically the last ones to catch up to changing market conditions. In a downward market, typically luxury homes are affected first, then mid and lower price freeholds, then the condos.

Right now there is a great window of opportunity for anyone who wants to switch from a condominium to freehold housing: you can save on purchase price of a freehold, while still take advantage of a stronger equity in your condo.

Of course, individual situations may vary – reach out for more information.