Real Estate Market Coming Up Like The Flowers

It looks like spring is blooming in the real estate market all over the region:

The Durham Region Association of REALTORS® (DRAR) President Tina Sorichetti reported a significant increase of residential transactions year-over-year. Home sales in Durham Region reached 1,075 in April 2019 representing a 16 percent increase compared to 930 in April 2018. On a month-over-month basis residential transactions were up 28 percent.

The number of new listings in Durham Region was up slightly in April 2019 with 1,993 listings compared to 1,908 the same time last year. There was a substantial 23 per cent increase of new listings month-over-month in April 2019. The average days on market in Durham was 20 with a balanced 53.9 per cent Sales to New Listings Ratio (SNLR).

“Strong year-over-year home sale growth indicates we are experiencing a balanced market. More buyers are recognizing how affordable Durham is compared to other markets and how great the quality of life is in our region,” said Sorichetti.

Durham Region’s average sale price reached $612,195 in April 2019. According to the index and benchmark price in April 2019, Durham has the most affordable single-family detached homes compared to neighbouring markets. Durham has a diverse housing market with a variety of options and communities for buyers. The benchmark price of a single-family detached home in Oshawa was $497,200 in April 2019.

“Durham Region is an affordable market for buyers, but it is important to note many potential buyers are forced to reassess their housing options as the OSFI-mandated stress test has impacted their ability to qualify for the home type they need. We were pleased with the recent announcement from the provincial government addressing the housing supply issue and affordability in Ontario. The Housing Supply Action Plan (HSAP) includes several of the recommendations from the Ontario Real Estate Association (OREA) such as reducing development charges, promoting co-ownership, support for secondary suites and saying no to an additional Municipal Land Transfer Tax (MLTT). Home ownership should be an attainable dream for potential buyers, we are encouraged to see plans in place to make homeownership a reality,” stated Sorichetti.