As we head into the final months of the year, the Dufferin County real estate market is showing a mix of trends across different towns and property types. While some areas, like Orangeville, are experiencing a seller’s market with high demand and rising prices, others, such as Shelburne and Dundalk, are leaning towards buyer’s markets with longer days on market and more negotiating power for buyers. Overall, we’re seeing a shift in many towns, with prices stabilizing or decreasing slightly, though certain property types — like semi-detached and detached homes — continue to perform well.
In this post, we’ll break down the key stats from towns across Dufferin County, including Shelburne, and Orangeville, to give you a clear picture of where the market is heading. Whether you’re buying or selling, understanding these trends can help you make more informed decisions as we wrap up 2024.
The number of sales in Shelburne has remained stable from last month, with 11 properties sold, but has increased by 57% year-over-year, suggesting higher demand compared to last year. In Orangeville, sales have increased by 18% month-over-month, with 39 properties sold, and are up 5.4% year-over-year, showing solid buyer activity despite price fluctuations. Across Dufferin County, 74 properties were sold, reflecting a 10.4% increase from last month and a 19.3% rise year-over-year, highlighting a stronger overall market with increasing sales compared to last year.
Average Price
In Shelburne, the average price of homes has decreased by 15% month-over-month to $743,386, with a slight dip of 3% year-over-year. This drop suggests a slowdown in market activity. In Orangeville, the average price is $736,994, down 6.2% from last month and 6% year-over-year, reflecting some softening in prices. However, Dufferin County as a whole has shown more resilience, with an average price of $993,615, which is up 0.5% month-over-month and 7.3% year-over-year, driven largely by the strength in detached home sales.
List - to -Sale Price Ratio
The List-to-Sale Price Ratio (LPSP) shows how close homes are selling to their asking prices. In Shelburne, the LPSP is 98%, indicating homes are generally being sold close to their asking price. Orangeville shows an even stronger LPSP of 99%, reflecting a highly competitive market where buyers are often willing to meet or exceed asking prices. In Dufferin County, the LPSP is 97%, showing that homes are still selling relatively close to list prices, but there’s a bit more room for negotiation compared to the other areas.
Days on Market
In Shelburne, the average DOM is 51 days, which is up 76% from last month, indicating homes are taking much longer to sell. In Orangeville, homes are selling more quickly with an average DOM of 36 days, although this is still a 33% increase from last month. Dufferin County has a DOM of 38 days, showing an 11.8% increase month-over-month, suggesting homes are taking a bit longer to sell compared to earlier this year.
Interest Rates
Mortgage lending rates in Ontario, as of November 2024, remain elevated due to the Bank of Canada’s higher interest rates. The Bank of Canada’s key rate is still around 5%, which continues to affect both fixed and variable mortgage rates.
For fixed-rate mortgages, rates are typically between 5.5% and 6.5% for a 5-year term, which remains relatively stable but is much higher than the historically low rates seen in recent years. For variable-rate mortgages, rates are usually between 5% and 5.5%, though these can fluctuate if the Bank of Canada makes any further changes to the interest rate.
With inflation still a concern, rates may remain higher for the foreseeable future, making it more expensive for buyers to secure financing. Homebuyers and those looking to refinance should be prepared for higher monthly payments, and keep an eye on potential rate changes in the coming months.
The next scheduled date for announcing the overnight rate target is December 11, 2024.
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