Durham Region Real Estate Market Growing with Spring Showers

Photo by Isaac Smith on Unsplash

So says the Durham Region Association of Realtors:

Durham Region Association of REALTORS® (DRAR) President Tina Sorichetti reported 839 residential transactions in March 2019, a 43 per cent increase from the previous month. There were 1,617 new listings in March 2019, compared to 1,140 in the previous month representing a 42 per cent increase. March 2018 saw 1,755 new listings.

“The spring market is heating up in Durham. It is encouraging to see a jump in sales on a month-over-month basis as we enter into a typically busier time of year during the spring and summer months,” stated Sorichetti. The average selling price in Durham reached $604,796 last month. In comparison, the average selling price was $580,743 in February 2019. The average selling price in March 2019 represents a slight increase from the same time last year.

DRAR is pleased with the various measures included in the 2019 Federal Budget that address housing affordability and provide support for first-time home buyers. The budget included the launch of The First-Time Home Buyer’s incentive program, increase to the Home Buyer’s Plan (HBP) withdraw limit from $25,000 to $35,000, as well as other actions that support housing supply and affordability.

“REALTORS® have been advocating for the modernization of the Home Buyer’s Plan (HBP) and we are very happy to see this included in the budget,” said Sorichetti. “The OSFI mandated stress test continues to impact home buyer’s ability to qualify for a mortgage and has pushed several potential buyers to the sidelines. The stress test has had a significant impact on the housing market and we are encouraged that the federal government is carefully monitoring its effect.”

“Millenials are passionate about homeownership, it is a positive step forward to have the federal government acknowledge the challenges first-time home buyers face and making housing issues top priority in the 2019 Budget for Canadians,” said Sorichetti.  

Source: http://durhamrealestate.org/blogEntry.cfm?b=18753