Real Estate Market is Showing Some Improvement

So says the Durham Region Association of Realtors. Check it out for yourself:

The OSFI mandated stress test has forced potential buyers out of the market or to the sidelines as many struggle to qualify for the home type they want,” said Sorichetti. “The stress test should be reviewed and policy changes should be considered to support homeownership in Ontario. Home sales have a significant impact on the Canadian economy, and with the federal budget and election on the horizon we hope to see measures put in place to support home ownership affordability.

Durham Region Association of REALTORS® (DRAR) President Tina Sorichetti reported 585 residential transactions in February 2019 this represents a 15.16 per cent increase on a month-over-month basis. Residential transactions in February 2019 decreased from the same time last year by 3.15 per cent.

The number of new listings reached 1,140 in February, a 5.16 per cent decrease from February 2018. The number of new listings decreased by 3.47 per cent from the same time last month. The average selling price in Durham for the month of February was $580,743 this is a moderate increase from January 2019. The average selling price for all home types decreased 1.8 per cent on a year-over-year basis.

DRAR was proud to support Durham MPP Lindsey Park as she introduced her first private members bill the Golden Girls Act, 2019. In 2016, four senior single women renovated a home in downtown Port Perry that met all of the anticipated needs of seniors as they aged. The Golden Girls, as they were labeled, faced several obstacles as the Township of Scugog attempted to use their By-Laws to prevent this type of housing. The Human Rights Commissioner of Ontario ultimately had to weigh in to stop the Council from preventing this. MPP Park introduced this bill to ensure other seniors do not face similar hurdles at the municipal level.

“With an aging population in Durham and a housing supply shortage, a new innovative approach to housing for seniors such as the one taken by the Golden Girls of Port Perry needs to be supported by all levels of Government,” said Sorichetti. “Thank you MPP Lindsey Park for introducing this bill and supporting innovative housing solutions. The bill has been officially passed for Second Reading.”

Source: http://durhamrealestate.org/blogEntry.cfm?b=18534