Durham Region Real Estate Ends The Year On A High With Sales And Prices Increasing

The numbers for Durham Region Real Estate are in:

The Durham Region Association of REALTORS® (DRAR) President Vicki Sweeney reported 518 residential transactions in December 2019 representing a 16 per cent increase from the same time last year. Total residential transactions for the calendar year 2019 amounted 10,634 a 19 per cent increase from the total in 2018.

“Durham Region certainly saw an increase of activity in 2019 in comparison to the record lows in 2018. Many potential home buyers and sellers may have taken time to adjust to the policy changes in 2018 and the increase of sales activity especially during the second half of the year reflects this,” said Sweeney.

The average selling price in Durham for the month of December reached $640,269. In December, 428 new listings were reported with an average of 28 days on market. The MLS® Home Price Index Composite Benchmark in Durham was up 5.17 per cent on a year-over-year basis in December 2019.

“REALTORS® have been advocating for a review of the Real Estate and Business Brokers Act, 2002 (REBBA) and as a result of REALTORS® strong advocacy efforts, Bill 145, the Trust in Real Estate Services Act (TRESA) was introduced in November,” said Sweeney. “After passing second reading, REALTORS® are encouraged to continue to contact their MPP’s for support. Once passed, TRESA will ensure real estate professionals have the highest professional standards, training and tools.”

DRAR is pleased with the recent announcement of the Co-owning a Home Guide from the Minister of Municipal Affairs and Housing Steve Clark. Co-ownership housing expands options for individuals and families with a variety of benefits including increasing affordability, giving individuals more options when it comes to choosing a location and it is an efficient use of housing supply. Four senior women labelled The Golden Girls of Port Perry inspired The Golden Girls Act, 2019 that was introduced by Durham MPP Lindsey Park. This innovative living arrangement addresses several issues individuals face when searching for a home as well as the shortage of affordable housing options.

“REALTORS® assist individuals and families everyday who are making the biggest financial decision of their lives. Real estate professionals care deeply about their clients and industry and will continue to advocate on behalf of buyers and sellers so the dream of homeownership can be achieved,” stated DRAR President Vicki Sweeney.

Source: http://durhamrealestate.org/blogEntry.cfm?b=21096