February home sales increased by 900 from the same time last year, according to the Durham Region Association of Realtors (DRAR).
“We are seeing high demand in Durham Region. The average days on market decreased to 18 days on market in February,” said DRAR president Vicki Sweeney.
“New listings amounted to 1,293 in February, a 13 per cent increase from the same time last year. Moderate new listing growth in comparison to the 52 per cent increase of residential transactions indicates a market that has tightened considerably from last year,” stated Sweeney.
The average price in Durham Region reached $657,788 in February, representing a 13 per cent increase from the same time in 2019.
“Market conditions have tightened over the past year and we are experiencing significant sales growth as the effects of the 2017 mortgage stress test have decreased over time. However, it is important to note that housing supply needs to continue to be top of mind for all levels of government,” said Sweeney.
Durham realtors are pleased with the passing of the Trust in Real Estate Service Act, 2019, an update to the Real Estate & Business Brokers Act, 2002.
The real estate industry has been advocating for this update for nearly a decade.
“This is a huge win for realtors, homebuyers and sellers. The real estate sector is one of the most important parts of Ontario’s economy and assists home buyers and sellers with the largest financial transaction of their lives,” Sweeney said. “The passing of [the new act] will help enhance professional standards, better protect consumers and create a more fair and effective business environment. This is an important milestone and we are proud of the efforts and support that has helped this move forward.”