There is a question circulating in almost every real estate conversation I have these days.
"Should we wait and see what happens with rates?"
It is a fair question. And it deserves a real answer, not a sales pitch.
So let me break down exactly what is happening in the market right now, what it actually means for you, and what questions you should be asking before you decide to move forward or sit tight.
What Is Happening Right Now
The Bank of Canada held its rate at 2.25% on June 10th. That is the fifth consecutive hold. The overnight rate has dropped significantly from its peak of 5.0% back in mid-2024, which is meaningful progress. But the Bank is now being pulled in two directions: a soft domestic economy on one side, and rising inflation (sitting at 3.2% in May) driven largely by global energy prices on the other.
The Bank has not committed to a direction, with rate cuts possible if significant new US trade restrictions hit Canada, while consecutive increases are possible if elevated energy prices turn into broad-based, persistent inflation. Jump Realty
In plain language: no one knows with certainty what happens next. And that uncertainty is exactly why so many buyers and sellers are stuck in pause mode.
Here is what the mortgage market looks like today:
As of June 22, 2026, the best 5-year fixed mortgage rate in Canada is sitting at 4.04%, and the best 5-year variable rate is 3.35%. These are real numbers available to qualified buyers across Ontario right now. Ratehub
What Is Happening in Durham Region Specifically
While the national headlines talk in broad strokes, Durham Region is telling its own story, and it is an active one.
Durham Region recorded 770 home sales in May, up 12.2% from 686 in April. Crea
Average sale prices came in at $853,330 in May, with the average property selling at 99.1% of list price. That is about as close to full asking price as it gets in a balanced market. Johnowen
Inventory currently sits at 3.7 months of supply for the entire region. That puts Durham in balanced-to-slightly-favourable-seller territory, particularly at the right price points and in the communities with the most demand. Johnowen
What does this mean? Buyers have more choice than they did during the frenzy of 2021 and 2022. But well-priced properties in Whitby, Ajax, Oshawa, and Pickering are still moving. This is not a market where you can low-ball everything and expect it to work. Strategy still matters.
What This Means for Buyers
If you are waiting for rates to drop before you buy, here is the honest reality check.
Rates have already come down significantly. The Bank of Canada's benchmark rate has dropped from a high of 5.0% in 2024 to 2.25% today, and most forecasts suggest rates will remain relatively stable for the remainder of 2026. The dramatic cuts many buyers were hoping for are not likely coming soon, and may not come at all if inflation continues to creep upward. True North Mortgage
Here is the other piece of this equation: when rates do drop and buyer confidence surges, you will likely be competing with a lot more people for the same homes. Price relief from rates can quickly get absorbed by increased competition.
Right now, you can negotiate. You can include conditions. You have time to think. That window does not stay open indefinitely.
If you are financially ready, pre-approved, and clear on what you need in a home, the question is not really about rates. The question is whether the right property at the right price makes sense for your life today.
What This Means for Sellers
Nationally, sellers' and buyers' expectations are increasingly aligned, with sale-to-list price ratios tightening and shorter periods between listing and sale dates. That is a healthy signal. It means serious buyers are out there and they are transacting. Crea
But here is what the data is also saying clearly: sellers in higher price ranges, northern areas, and condo segments need to price competitively. With fewer multiple offers, realistic pricing is key.
The days of listing above market and waiting for the market to catch up are largely behind us in this environment. Strategic preparation, honest pricing, and strong marketing are what separate the listings that sell in days from the ones that sit.
If you are thinking about listing this summer or fall, now is the time to start the preparation conversation, not the week you want to go live.
The Bottom Line
Waiting for the "perfect" moment in real estate is a strategy that often costs more than it saves. The market rewards people who move with clarity and preparation, not people who wait for certainty that never fully arrives.
The Durham Region market is active, reasonably priced, and full of opportunity for both buyers and sellers who approach it with the right strategy.
If you have been sitting on a decision and wondering whether now is your time, let us have that conversation. No pressure, no agenda. Just an honest look at your situation and what the market can actually do for you.
Ready to talk strategy? Reach out directly at 289-985-1412 or tanya@tanyagordon.ca
ABOUT THE AUTHOR
Tanya Gordon has been helping buyers and sellers achieve their real estate goals since 2010 through a relationship-focused approach built on trust, communication, and results. Holding both the AREN (Accredited Real Estate Negotiator) and PREN (Professional Real Estate Negotiator) designations, she is known for her strong negotiation skills, honest advice, and commitment to exceptional client service.
Serving clients throughout Durham Region, including Pickering, Ajax, Whitby, Oshawa, and Clarington, Tanya provides the experience, local market knowledge, and strategic guidance needed to make confident real estate decisions.
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