The President of the Durham Region Association of REALTORS® (DRAR), Tina Sorichetti, reported 1,041 residential transactions in July 2019. This represents a 31 per cent increase compared to July 2018.
“Month over month we continue to see strong home sale growth in Durham Region. This is a clear indicator that the demand for home ownership has not diminished,” said DRAR President Sorichetti. “Some buyers have come to terms with the adjustment of the OSFI mortgage stress test and are moving back into the market. With this, supply must meet the needs of the growing demand.”
New listings in Durham Region reached 1,892 representing a 13 per cent increase from the same time last year. The average selling price in Durham increased slightly on a year-over-year basis to $604,938 in July 2019. The MLS® Home Price Index Composite benchmark was up 2.57 per cent in July 2019. The benchmark price for a single-family detached home in the Oshawa marketplace reached $512,000 last month.
“Housing supply is an issue that is greatly impacting the marketplace. We have been calling on elected officials to address the housing supply issue and it is very encouraging to see our Provincial Government launch consultations to cut red tape that is slowing down the process of building more homes that people need and can afford as part of the ‘More Homes, More Choice’ Plan,” stated Sorichetti.
Durham Region continues to experience economic growth and development. Recently, the federal government announced Whitby steel manufacturer Gerdau will receive funding that will help create more than 70 local jobs. In Pickering, demolition is set to begin of a wing at the Pickering Town Centre as the city prepares to create a vibrant new downtown core. Economic development and job growth along with a diverse housing market will continue to drive buyers to Durham.
“As Durham Region continues to be an ideal region for homeowners, we will continue to call on the federal government to offer a plan that addresses home ownerships, supply and affordability as the dream of homeownership is an important matter to Canadian families,” said Sorichetti.