Over the past year, the real estate market in Bowmanville, Ontario, has seen a series of fluctuations and shifts. This article provides a comprehensive review of the market trends and includes forecasts from major institutions to help you navigate the current market conditions and make informed decisions.
Market Overview
Bowmanville’s housing market has experienced some price fluctuations over the past year. From June 2023 to June 2024, the average home price in Bowmanville increased by approximately 1.51% month-over-month, according to Houseful.ca. However, the market has also seen aggressive bidding, with some buyers offering 30% over the asking price in 2021, only to lose more than $200k when selling the property in 2023.
Price Trends in June 2024
- Home prices increased by 1.51% month-over-month from June 2023 to June 2024
- Some buyers offered 30% over asking price in 2021, but lost over $200k when selling in 2023
Regional Comparisons in June 2024
- Bowmanville prices are significantly lower than Greater Toronto Area ($1.1 million) and City of Toronto ($1.15 million)
Market Outlook for July 2024
According to data from the Canadian Real Estate Association (CREA), the average home price in Bowmanville for the month of June 2024 was $842,138, with 315 new listings in the last 56 days. The median days on market for a home is 11 days, indicating a relatively fast-paced market.
Price Trends
- Home prices increased by 1.51% month-over-month from June 2023 to June 2024
- Some buyers offered 30% over asking price in 2021, but lost over $200k when selling in 2023
Regional Comparisons
Compared to other areas in Ontario, Bowmanville has seen a more moderate price increase. For example, in the Greater Toronto Area (GTA), the average home price is now over $1.1 million, with the GTA’s average home price at $1,156,167 and the City of Toronto’s average home price at $1,152,200. In contrast, the average home price in Bowmanville is significantly lower, making it an attractive option for buyers looking for more affordable housing options.
- Bowmanville prices are significantly lower than Greater Toronto Area ($1.1 million) and City of Toronto ($1.15 million)
Market Outlook
Major institutions have provided forecasts for the Ontario housing market, which can help us understand the potential future trends in Bowmanville. The Canada Mortgage and Housing Corporation (CMHC) expects weaker economic growth in 2024, with a momentum regain in 2025-2026 as interest rates decrease. Housing starts are also expected to be lower in 2024, with a slight improvement forecasted over the next 2 years.
Additional Insights
- Weaker economic growth in 2024, momentum regain in 2025-2026 as interest rates decrease
- Housing starts are expected to be lower in 2024, slight improvement forecasted over next 2 years
Rent Trends
- Average rent for all bedroom counts and property types: $2,800
- 2-bedroom apartment rent: $1,894
- Houses for rent are more expensive, with an average monthly cost of $3,400
Moving Forward
- Housing developments concentrated along Highway 401 and Highway 115 transit corridor
- Bowmanville has a rich history dating back to 1794
- The region offers many parks, trails, and outdoor activities for residents
The Bowmanville real estate market has experienced a mix of price increases and decreases over the past year. The market remains relatively fast-paced, with a median days on market of 11 days. Looking ahead, the market is expected to see weaker economic growth in 2024, with a potential improvement in 2025-2026 as interest rates decrease. Buyers and sellers should stay informed about market trends and forecasts to make the best decisions for their real estate needs.
