For those that know me, I am a lover of data, analytics, and how really looking at what is happening with the actual numbers can inform the advice I give my clients so they can sell faster and get more money against other competing listings, and essentially pay less when they purchase any real estate product anywhere in the GTA (although I am admittedly more of an expert in the Durham Market). Having been a Durham resident myself for the last 25 years has also certainly contributed to that expertise!
I thought I would ‘crunch the numbers’ so to speak this month, taking a deep dive into what the average downsizer in Durham Region stands to gain in 2022’s spring market infancy vs what they would have pocketed 2 years ago in January of 2020 two months before the Covid19 pandemic really hit Ontario.
For people who think they might want to downsize from a Detached home to a condo, I can’t think of a better time to do that. At the start of 2020, the average sale price for detached homes in Durham was about $300k higher than the average sale price for Condominium apartments in Durham Region. In January 2022, the average sale price for detached homes in Durham is $600k higher than the average sale price for Condominium apartments in Durham. That means someone who is moving from an average detached property to a condo apartment would have $300k MORE in their pocket this year than 24 short months ago. Pretty compelling evidence that downsizing may not be a bad idea in 2022 if you are teetering on the fence on the cusp of making that decision.