Interest Rates Are Up … Now What

How is that impacting the Durham Region and Kawartha Lakes housing market?

August 29, 2017

We have been seen a lot of changes in the housing market in the Greater Toronto Area, since the Bank of Canada interest rate change (July 12, 2017) . There’s been a lot of buzz around the most recent interest rate increase, and it’s no surprise the housing market is definitely cooled down in July and August  compared to the Hot sellers market of spring 2017.

So, what’s happening in the Eastern Greater Toronto Area, specifically the Durham Region/Kawartha Lakes? Well, there are a large number of listings and certainly we are seeing fewer buyers than the hot housing market of February to May.

Interest rates and other changes

With the Bank of Canada raising its key interest rate to .75% from .50%, it’s the largest increase in the last 7 years. (July 12, 2017) Many banks are following suit and raising their rates as well. Most borrowers shouldn’t worry just yet – the increased interest rates are still quite small. For example, RBC set their rates .2% higher, which in reality only adds $13 to every $100,000 of a mortgage.     [ refer to: ]

Right now, the interest hike isn’t going to make-or-break most buyers. That being said, this interest rate rise will likely continue to deflate the confidence of the buyers’ market. We are already able to see the impact on the market with fewer buyers for each new home listed on the market.

What to watch:

The biggest impact could be the implementation of the regulation for buyers who are applying for a mortgage. Buyers may have to qualify for 2% higher than the discounted rate, which had already been instituted on insured mortgages (mortgages that have more than 80% loan to value ratio). This rule may impact all mortgages and is being reviewed by the office of the Superintendent of Financial Institutions.

Are we in trouble?

Not exactly. Buyers will qualify for less than the purchase price, which could affect the market value on homes – and we may see a decrease in prices. Yes, buyers are already feeling the changes in the market as we realize that the ship has sailed on the hot prices of spring.

The Greater Toronto Area real estate market, including our area of Durham Region, experienced a non-traditional “normal” Spring market, meaning it was a seller’s market that only had 30 days of inventory. This meant there was practically NO inventory to be sold and the laws of supply and demand were in effect. This lasted from mid January to the first week of May this year and then it ended abruptly.


This slideshow requires JavaScript.



A balanced market

Now, we are experiencing a happy medium. The market shifted from a seller’s market to a buyer’s market. The days where there were 10 buyers for every house are gone and we are noticing a larger inventory of homes with lower price tags  ( but still fair market value.)  The average time of a home on the market in the Durham Region is now increasing.

This is not a bad thing. We’re getting back to a normal market where buyers have more choices and negotiation leverage. It makes for a much healthier market. Some sellers are expecting the high prices of the spring, but we are seeing prices come down moderately. This makes it more affordable for prospective buyers.

Durham Region & Kawartha Lakes still a good investment

One thing is for sure, despite all of these changes in the housing market, Durham Region remains a great place to invest if you are looking to live in the GTA and get out of the city. North Durham and the Durham Region as a whole, Kawartha Lakes and Northumberland are still some of the most affordable places to live just outside of the GTA, and many buyers are choosing to buy a home in these locations.

Whether or not the market changes, Durham Region and Kawartha Lakes are still great places to live, work, and play. It’s a great place to invest and raise a family. If you’re thinking of coming to the area, there is no better time to buy than now!


Brett Puckrin,  AACI, P.App, Sales Representative
Team Leader, Puckrin & Latreille Real Estate Group 
Re/Max All-Stars Realty Inc. Brokerage
144 Queen St. Port Perry 
call/text: 905.985.7300





Farms for Sale in Durham Region

Farms for Sale in  Durham Region | Presented by Puckrin & Latreille

Farm for Sale – 15151 Mahoods Rd Nestleton

Farm for Sale in Nestleton | 15151 Mahoods Road, Nestleton in Scugog Township –  Durham Region on a 97 Acre Farm – MLS# E3509257  4 bedroom | 2 Bathroom home built circa 1885  – 70 acres are workable.  $999,000


97 .23 Acre Farm with approximate  70 Acres good workable land,  10 Acre hardwood bush & beautiful century home built in 1885 with large newer addition. Historic woodwork trim & flooring throughout the home. Huge Country Kitchen, & great room for  entertaining & family Gatherings, fireplace & sauna in basement, large enclosed porch overlooking yard. Rollag Security Foam Insulated;   window blinds.    Attractive setting with mature treed laneway & surrounding area. Original plank bank barn, spring fed pond.

Aerial view of the property at 15151 Mahoods road.  Nestleton, Ontario

This slideshow requires JavaScript.


*** Please Note ***  there are special driving instructions for 15151 Mahoods Rd  – please use this custom Google Map

Contact us today 905-985-7300 / for more information about 15151 Mahoods Rd Nestleton, Ontario

Google Map of current listings of Farms for Sale in Durham Region :


11800 Lakeridge Road Uxbridge 

10 Acre |  4 Bedroom | 3 Bath |  $799,900|   More Details via
Watch the video on Youtube

This slideshow requires JavaScript.


Quality Equestrian Facility at the Uxbridge/Brock Border! Corner 10 Acre Location At Lakeridge/Reg Rd 13 Perfect To Get To Hwy 404 Or 407; Excellent Opportunity For Income While Enjoying Your Equestrian Passion.Excel.Buildings Incl 20’X 50′ Barn W/4 Stalls/Hay Storage Above; 60’X 144′ Coverall W/Stalls & Indoor Riding Area-Bright & Well Lit; 2 Sand Rings; Lighted & Underground Water To Paddocks & Buildings. Well maintained sidesplit W/Separate 1 Br In-Law Suite On Main Level


1315 Scugog Line 2 Road Port Perry  | $1,899,900

100 Acres | 7 Bed | 4 Bath

1315 Scugog Line 2
1315 Scugog Line 2 – 100 Acre Farm

This slideshow requires JavaScript.



Equestrian Perfection On A Pristine 100 Acre Parcel 10 Min North Of Whitby, Easy Commute to 407 Etr Yet Close To Port Perry/Lake Scugog;+/-5000 Sf Immaculately Maintained And Fully Reno’s Century Home Complete with separate Living Quarters Over A 3 Car Garage.Numerous Additions & Improv Including: New Roof(40 Yr 2015),Updated Windows,Furnace,Septic System,Rec Room, Hot Tub,Wiring & Plumbing’ Facilities Includes: Prof Built 9 Stall Barn with Soft Stalls,Htd Tack Room,

49 Barry’s Rd Kawartha Lakes | MLS# X3450926 |$950,000

132 Acre farm property


132 Acre Working Farm Including 80 Acres Of Good Producing Medium Loam Soil, Approx 45 Acres Of New Hay(Alfalfa) Seeds ,4 Fenced Fields Now Pasturing Cattle,Some Mixed Bush. 2 Houses On Property-One Is A 3 Br Bungalow With Garage,Other Is An Older 2 Storey, 4 Br W/2 Car Garage.Good Wooden Plank Bank Barn Plus Drive Shed & Other Storage Buildings. Neat and tidy Farm With 3 Road Frontages(Hwy 7 South To Farmstead Rd)

2192 Cookson Lane Seagrave |  MLS# E3479946  | $939,000   SOLD!

YouTube video


Fabulous Equestrian Centre & Facilities In A Very Private Setting-Indoor Arena, 21 Horse Stalls, Paddocks, Workshop: 36’X46′ W/12Ft Ceilings,Insulated W/ Propane Heat; 60’X30′ Block Building Attached To Arena; 80’X30′ Heated Building; 30’X60′ Hay Loft, 16 Acre Hay Field, 4 Spring Fed Ponds, 2-2Pc Washrooms In Stable. Also 1980 Sq Ft Home With Many Upgrades. Open Concept Kitchen/Family Room. Pride Of Ownership Throughout.


1600 Concession 9 Rd. Sunderland | MLS# N3452879        |$689,900

42 Acre Farm |  4 Bed | 2 Bath

This slideshow requires JavaScript.



Great 42 Acre Hobby Farm With Good Multi-Use Out Buildings.3 Br, All Brick Bungalow With New Flooring & Updated Decor In 2016; Newer Windows & Exterior Doors Thru Out; L-Shaped Kit W/Alcove Add’t; 2 Wall-Unit Ac Units At Each End Of House-Very Eff.;Mn Flr Laundry.200 Amp Service To House.Drilled Well-60’X40′ Storage Bldg W/Large Overhead Door,64’X40’Barn W/Overhead Door,Small Insul. Workshop,Lg Cement Barnyard,Lg Portion Of Prop Is Fenced,Paved Area


23625 McCowan Road Georgina, Ontario | MLS# N3478924 | $1,300,000   SOLD!

198 Acre property

23625 McCowan

Good Productive Farmland With +/-85 Acres Workable/No Tile Draining/Fairly Early And Light Lands/Good Field Configuration; Farm House Dwelling Has Reached Life Expectancy;Farm Building Complex With Bank Barn, Secondary Barn, Drive Shed, Good Coverall Building. Property Located Just North Of Ravenshoe Rd At Glenwood Ave Road Allowance; Balance Of Lands Bush.


4081 Regional Rd 57 Road Nestleton |MLS# E3459009 | $999,000

98.5 Acre property

**Waterfront** On Lake Scugog-Not Often Found Or Available!Beautiful 98.5 Acre Vacant Land (As Per Mpac) With Combination Of +/-40 Acres Workable Tiled Land,Meandering Stream,Pond,Mixed Forest & +/-125′ Of Waterfront;Absolutely One Of A Kind – Have your home, hobby farm and cottage ALL in one, within minutes of the new 407 ETR.

1220 Highway 7 Rd. Kawartha Lakes 50 acre farm

MLS # X3540439  5 bedrooms | 2 Bathrooms  details via:
50 Acre Farm With All Good Workable Land Presently Used For Cash Cropping. Large Wooden And Plank Bank Barn With End Lean-To. 30’X60′ Workshop/Office With Rough-In Washroom. 2 Storey Home With Hardwood & Pine Flooring And Wainscotting, Newer Windows,Newer Electrical Wiring Throughout The House. House And Driveway Set Amongst Beautiful,Mature Trees. House & Out Buildings Are On Municipal Water.

This slideshow requires JavaScript.

1228 Highway 7 Rd.  Kawartha Lakes 96.8 Acre Vacant Land

MLS# X3540446

96.8 Acres Vacant Agricultural Land: 65-70 Acres Good Productive Crop Land, Remainder Is Mixed Bush At The South End Of Property Fronting Onto Farmstead Rd. Municipal Water Is Available At Front Of Property.



Last update July 4th,  2016

Presented by Puckrin and Latreille Real Estate Group

Re/Max All-Stars Realty Inc. Brokerage – Port Perry