Durham Region Real Estate Still Selling Slowly

Do you have questions about the real estate market? The big picture numbers tell you what is happening in the region. Statistics can vary neighbourhood by neighbourhood.

Durham Region Association of REALTORS® (DRAR) President Tina Sorichetti reported a continuation of modest price growth in November 2018 compared to November 2017. The average selling price was up 2.7 percent year-over-year to $590,403 in Durham.

Durham REALTORS® reported 730 residential transactions in November 2018. The number of residential sales was down 16.9 percent compared to November 2017 and down 8.5 percent from the same time last month.

“The number of new listings is down on a year-over-year basis this November. It was predicated we may see a tightened market and this indicates that, in some areas, a shrinkage in inventory may be the cause,” said Sorichetti.

DRAR is encouraged by the Provincial Government’s recent announcement and on-going public consultation regarding a housing supply action plan. “Durham Region remains one of the most balanced markets, leading the way with affordable housing options. As more people continue t travel East, it is encouraging to see the government address a housing supply action plan,” stated the DRAR President.

“Due to the OSFI-mandated mortgage stress test and higher borrowing costs, it was expected that we would see a shift in market conditions and sales,” says Sorichetti. “Last year at this time we experienced a temporary increase in demand as the market anticipated the upcoming OSFI-stress test at the end of the year.”

Source: http://durhamrealestate.org/blogEntry.cfm?b=17979