Housing market rebounds

By Dave Flaherty/The Oshawa Express

Durham Region’s housing market has gotten off to a good start in 2019.
According to the latest report from the Durham Regional Association of Realtors (DRAR), there were 508 residential transactions in January, an increase of 13.9 per cent from December.

This also represents an increase of 8.1 per cent from January 2018.

“It is encouraging to see an increase in sales to start the new year,” said DRAR president Tina Siorchetti.

The number of listings in Durham Region also jumped nearly 24 per cent last month, as there were 1,181 new listings in January, up from 543 in December.

“An increase in January transactions on a year-over-year basis is a positive sign for the year to come,” Siorchetti said. “The past was a year of change and adjustments to market conditions and mortgage standards, it is forecast 2019 will be a steadier year supported by gradual home sale increases.”

The average selling price in Durham did decline slightly to $577,395 in January.

Siorchetti also called the recently launched review of the Real Estate and Business Brokers Act (REBBA) as a “huge win” for realtors.

“The market has changed significantly since the last time REBBA was reviewed, and this review will look at several recommendations from the Ontario Real Estate Association,” she said. “This is a significant success for Ontario realtors who have advocated for this review to strengthen legislation and ultimately ensure people are better served.”