Durham cities have fewest condos on the market compared to other parts of southern Ontario

A new report suggests that people who want to purchase a condo in Durham–especially in a larger and growing city such as Oshawa–will be buying into a pretty stable market. 

While active listings of condo apartments climbed about 67 per cent between June 2023 and June 2024 in Toronto and the GTA, rising from 14,108 to 23,613, the situation in Durham is much calmer.

According to a recent report by real estate website and brokerage Zoocasa, cities such as Oshawa have not experienced the significant increases in condo inventory seen in Mississauga, Toronto, Burlington and Richmond Hill. 

The report says that Oshawa has maintained “relatively low and stable” condo sales numbers since June 2023, with peaks in June 2024 (51 units) and November 2023 (47 units). 

In June 2023, 33 sales were reported–just 18 fewer than last month. The report says the stability in the market has persisted even while the population has risen about 10 per cent from 158,458 in 2016 to 175,383 in 2021. 

“This stability in the condo market, coupled with Oshawa’s growing population, makes it a reassuring choice for potential investments,” the report reads.

Other Durham municipalities boast lower condo inventory than other GTA cities. According to the report, there were 46 condo sales in Pickering last month, up from 21 sales in June 2023. In Whitby, 10 condos sold in June 2023 and 24 changed hands last month. In Ajax, just one unit sold in June 2023. Last month, 19 sales were reported. 

In Clarington, sales are more steady year-over-year, with 27 units selling June 2023 and 35 in June 2024. 

But while the climbing condo inventory in the rest of the GTA might make sellers worry, the report says the influx in listings is good news for those looking to purchase more affordable properties at a time when interest rates are slowly coming down. 

“This boost in listings highlights the increasing availability of properties in Toronto and the Greater Toronto Area, contributing to a less competitive homebuying experience,” the report reads. 

“In this high-cost, low-competition market, buying condo apartments is often the most affordable way to invest in property.” 

According to the report, GTA condos are selling faster now than they were at the beginning of the year–with listings selling within an average of 27 days last month versus 41 days in January. That said, they are sitting a little longer than they were this time last year, with the average amount of days on the market climbing from 18 days last year to 27 days in June 2024. Looking back at data from 2019, the numbers haven’t shifted significantly over the past five years and tend to fluctuate throughout the year, reflecting typical increases and decreases in sales activity.

Cities with significantly more condo inventory than Durham are seeing bigger jumps in available listings. According to the report, active condo listing in Toronto rose 86 per cent from 3,331 in June 2023 to 6,201 in June 2024. Mississauga boasts the highest condominium inventory in the GTA, with inventory climbing 67 per cent year-over-year.

Other cities have seen huge surges in condo listings. In Burlington, listings are up 143 per cent. In Vaughan and Richmond Hill, they are up 78 and 73 per cent, respectively. In Oakville, listings have grown 49 per cent between June 2023 and now.