December 2024 Real Estate Trends: What’s Selling & What’s Stalling in Dufferin County?

DECEMBER 2024 DUFFERIN COUNTY SHELBURNE ORANGEVILLE DUNDALK MARKET UPDATE BLOG

December brought the typical holiday slowdown to Dufferin County’s real estate market. While transactions dropped and days on market increased, some areas showed resilience with steady or improving prices. Below is a category-by-category breakdown of the market’s performance across the region.

Bar graph showing average prices for December 2024 versus month over month and year over year

The number of homes sold in December was noticeably lower across all towns, reflecting the seasonal lull. Shelburne saw a 36% drop month-over-month (MOM), though it performed better than last year with a 17% year-over-year (YOY) increase. Orangeville experienced the sharpest decline, with sales falling 64% MOM and 26% YOY. Dundalk recorded only one home sold, which marked an 80% MOM decrease but an impressive 74% YOY improvement. Meanwhile, Caledon saw a 45% drop in sales MOM but an 8% increase YOY, highlighting its continued appeal.

Average Price

Detached home prices presented a mixed picture in December. Shelburne experienced a modest 3% MOM increase but saw a 14% YOY decline, while Orangeville showed more stability with a 7% MOM and an 8% YOY increase. Dundalk posted a 6% YOY increase in detached home prices, demonstrating some resilience despite slower sales. Caledon faced the steepest declines, with detached homes falling 17% MOM and 36% YOY. However, townhouses in Caledon fared better, holding steady with only a 1% MOM decrease and a 9% YOY increase, indicating demand in that segment of the market.

Bar Graph showing the Average price of all homes sold in Dufferin County, Shelburne & Orangeville, while also comparing month-over-month and year-over-year.

List - to -Sale Price Ratio

Despite the holiday slowdown, homes across Dufferin County continued to sell close to their asking prices. Shelburne led the way with a perfect 100% list-to-sale price ratio, showing a competitive market even with fewer sales. Orangeville homes sold at 98% of their asking prices, while Dundalk recorded 96%, reflecting steady buyer interest. In Caledon, the list-to-sale price ratio held firm at 97%, demonstrating that sellers were generally able to achieve near-asking values across the region.

Days on Market

As expected, homes across Dufferin County took longer to sell in December, mirroring the seasonal trend. Shelburne and Orangeville saw homes continue to sell relatively quickly compared to other towns, maintaining their competitive edge. Dundalk experienced longer days on market, but YOY data indicated an improvement over the previous December. In Caledon, homes took longer to sell, but this was in line with the typical slowdown seen during the holiday season.

Interest Rates

As of January 2025, mortgage interest rates in Ontario are on a downward trend, offering potential relief to borrowers. The Bank of Canada has reduced its benchmark interest rate to 4.25% and has signaled the possibility of further cuts if inflation continues to approach the 2% target.

Forecasts suggest that by mid-2025, the Bank’s rate could decrease to 3%, with corresponding reductions in prime and mortgage rates.

Variable mortgage rates are expected to decline by an additional 0.50% to 0.75% in 2025, potentially bringing them below fixed rates for the first time since 2022.

Fixed mortgage rates have also been decreasing, with five-year fixed rates projected to drop to around 4% by the end of 2025.

These developments indicate a more favorable borrowing environment for Ontarians, potentially easing the financial burden on homeowners and prospective buyers.

Dufferin County’s real estate market experienced the usual holiday lull, but year-over-year data suggests resilience in certain areas. While sales volumes dipped and days on market increased, list-to-sale price ratios remained strong, showing continued demand across the region. Detached home prices demonstrated mixed trends, with some towns maintaining stability and others facing declines, particularly in the higher-end segment. As we enter 2025, the key question remains whether the market will regain momentum in the new year or continue to feel the effects of broader economic factors.

jacqueline clement living in dufferin county real estate agent handing paperwork to a client while smiling

What do you think 2025 holds for Dufferin County’s real estate market? Share your thoughts in the comments below!

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