House sale prices saw a moderate rise, while overall transactions were down sharply from the previous year across the region in November.
The Durham Region Association of Realtors (DRAR) reports the average sale price last month was $590,403, up 2.7 per cent from 2017.
However, the 730 transactions in November represents at 16.9 per cent drop from the previous year, and an 8.5 per cent fall from October.
“The number of new listings is down on a year-to-year basis this November. It was predicted we may see a tightened market and this indicates that, in some areas, a shrinkage in inventory may be the cause,” says Tina Siorchetti, DRAR president.
DRAR officials say they are encouraged by the Ford government’s recent announcement of public consultation regarding a housing supply action plan for Ontario.
“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,” Siorchetti states.
Siorchetti said due to government mandated mortgage stress tests and higher borrowing costs, it was expected there would be a shift in the real estate market in 2018.
DRAR also announced it raised more than $22,000 for Durham Youth Housing and Support Services (Joanne’s House) at its annual Christmas dinner and charity auction.
“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,” says Sorichetti.