Oshawa’s housing market saw sales drop almost 23 per cent in 2018.
According to the latest report from the Durham Region Association of Realtors (DRAR), there were 8,941 residential transactions last year in Durham, down 19.7 per cent in comparison to 11,136 sales in 2017.
Sales were well down in December as well, with a 23.6 per cent drop from the same time in 2017.
Alongside Whitby, Oshawa experienced the largest drop in sales in 2018 at 23 per cent, declining from 3,177 in 2017 to 2,441 last year.
Sale prices in the city dropped about four per cent in 2018 to $505,116, although the average selling price in December was higher at $516,880.
The average price for a detached home was $561,861, $422,727 for a semi-detached, and $195,135 for a condo/townhouse.
DRAR president Tina Sorichetti said the year end decrease is usually expected.
“Residential transactions tend to slow down around the holidays,” she said.
The average sale price for Durham in 2018 was $593,902, representing a 5.4 per cent decrease from $628,005 in 2017. In December, the average sale price was $587,000.
Sorichetti said higher borrowing costs along with the new mortgage stress test introduced in January “resulted in households temporarily moving to the sidelines and re-evaluating their options.”
“Despite the slow start to the year, the second half of the year did see an improvement,” she said.