Durham Region Association of REALTORS® (DRAR) President Tina Sorichetti reported 1,046 residential sales in August 2019 representing a 24 per cent increase from August 2018. Durham Region has seen significant year-over-year sales growth over the last five months.
“Year-over-year sales growth remains strong in Durham Region. Along with the increase of residential sales, new listings were also up 5 per cent on a year-over-year basis,” said DRAR President Tina Sorichetti.
The average selling price in Durham for the month of August was $614,362; this represents a slight increase from the same time last year. The MLS® Home Price Index Composite Benchmark for August 2019 was up by 2.6 per cent in Durham. The MLS® HPI benchmark price in Durham was $565,400 last month.
“With the strong sales growth in Durham, the Bank of Canada’s decision that left the interest rate unchanged for the seventh straight meeting will continue to assist potential homeowners to enter the market. In August, Months of Inventory in Durham was 1.8,” said DRAR President Tina Sorichetti. “As Durham continues to attract new homeowners and economic development – job growth thrives. It is important that we remain aware whether housing supply is meeting the demand in Durham”
The OSFI mandated stress test has impacted many potential homeowners and forced them to the sidelines. As the federal election fast approaches, it is important homeownership, affordability and supply remain top priority issues for Canadians.
Recently, Maclean’s gathered data on 415 communities across the county and compared them to find the best communities in Canada. Durham Region’s Whitby, Ajax, Oshawa, Clarington and Pickering communities were ranked on the list as the best communities for retirement in 2019. Maclean’s ranked the data based on the following categories: wealth and economy; affordability; access to health care; population growth; weather; amenities; culture; commute; taxes; and crime.
“Durham Region is a great place to live and we are proud to see several communities in Durham acknowledged for the excellent access to health care, economy, and amenities,” said Sorichetti.