DURHAM REGION, December 7, 2018 – 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 per cent 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 per cent 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 to 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.”
“I am excited to announce over $22,000 was raised for Durham Youth Housing and Support Services (Joanne’s House) at DRAR’s Annual Christmas Dinner and Charity Auction,” says Sorichetti. Joanne’s House is the only emergency shelter for at-risk youth in Durham Region. “I am very proud to be a part of such a caring industry. Our Members continue to give back to their communities, not only during the holiday season but throughout the entire year,” said Sorichetti.
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