The comparison that's making the rounds
A veteran Durham Region agent with nearly four decades in the business recently said this market reminds him of 1989. That comment, as reported by bcbay, has been circulating among families sitting on an inherited property, and understandably so. When someone who has seen a full real estate cycle says "I've seen this before," it's worth pausing on.
But if you've inherited a home in Durham Region this year, the 1989 headline is not actually the question in front of you. The question is simpler and more personal: does it make sense for your family to carry this property, or is it time to let it go. That decision depends far less on what the broader market does next and far more on your own cash flow, your siblings' patience, and what the house actually needs.
This is a life-and-money decision before it's a market-timing one. Let's walk through it properly.
Why the historical comparison matters less than it sounds
Cycle comparisons are useful for agents thinking about positioning and pricing strategy. They are much less useful for a family deciding whether to hold a single inherited asset for another year.
Here's why: an inherited home doesn't behave like a portfolio position you can rebalance quietly. It has real carrying costs. Property tax, insurance, utilities, and often deferred maintenance keep accumulating whether the market is flat, falling, or recovering. If three siblings are splitting those costs unevenly, or if one sibling is living in the home rent-free while others wait for their share, the emotional cost compounds faster than any market cycle.
A market comparison from 1989 doesn't change the fact that an empty house needs its furnace serviced before winter. It doesn't settle a disagreement about whether to renovate the kitchen before listing or sell as-is. Those are the decisions that actually determine your outcome, and they're decisions you control regardless of what Bay Street or a 40-year veteran agent believes about the broader cycle.
The practical cost of holding
If your family is leaning toward holding, go in with eyes open about what that commitment actually looks like.
Carrying an inherited home for an extended period typically means:
- Ongoing carrying costs split among heirs. Property tax, insurance, and utilities don't pause while the estate settles or while you debate strategy. Confirm with the estate's accountant how these costs are being tracked and reimbursed.
- Deferred maintenance becoming visible. A home that sat vacant through a season or two often needs roof, furnace, or foundation attention before it can be shown confidently. This is a case where renovating versus tearing down becomes a real question, not a hypothetical one.
- Capital gains and probate considerations. The tax treatment of an inherited property, including principal residence exemption questions if anyone in the family is living there, is specific to your situation. This is squarely a conversation for your accountant and estate lawyer, not something to estimate from a blog post.
- Insurance complications on vacant properties. Standard policies often change or lapse protection once a home sits unoccupied for a stretch. Confirm this with your insurer early, not after a claim.
- Family consensus drifting. The longer a decision sits, the more likely one heir's circumstances change, whether that's needing cash, moving away, or simply losing patience. Revisit the family's agreement in writing every few months rather than assuming everyone still agrees.
A Durham Region example worth sitting with
Picture a bungalow in a quiet pocket near Bowmanville or Courtice, left to three adult children after a parent's passing. One sibling wants to hold and rent it out, hoping values recover. One wants to sell now and split the proceeds. The third is undecided and quietly resentful of carrying a third of the property tax on a home they don't live in.
This is an extremely common shape for these situations, and the 1989 comparison doesn't resolve it. What resolves it is an honest conversation about each sibling's actual financial position, a clear-eyed assessment of the home's condition, and a realistic read on how long a rental arrangement would need to last before it's genuinely net-positive after management, vacancy risk, and maintenance.
If the family leans toward selling, the broader supply picture matters more than a single historical comparison. Earlier this year we looked at how Ontario's housing shortfall should factor into pricing decisions, and the same logic applies here: an inherited home in a tightening supply environment is a different asset than the same home during a genuine oversupply.
What this means for you
If you're holding an inherited Durham Region property right now, the 1989 comparison is colour, not a signal to act on. What actually matters is whether your family can comfortably carry the home's costs for another year, whether everyone involved agrees on the plan in writing, and whether the property's condition supports the strategy you're choosing.
Sell-first families should get a clear-eyed, unemotional valuation before anyone sets an asking price in their head. Hold-first families should put a real number on carrying costs and revisit the decision on a calendar, not just when someone gets frustrated.
Either way, the historical headline is a conversation starter, not a plan.
What would it take for your family to feel settled on this, a firm sale date, a written cost-sharing agreement, or just an honest valuation to anchor the discussion? Jai, with The Agency, Toronto, works with buyers, sellers, and custom-build clients across the GTA and is glad to have a ten-minute conversation about your own situation, offered as a courtesy, never a pitch.