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Region sees increase in residential transactions

By Chris Jones/The Oshawa Express

The Durham Region Association of Realtors is reporting a significant increase in residential transactions from this time last year.

In April 2019 there were 1,075 home sales in Durham Region, a 16 per cent increase over the 930 in April 2018.

Home sales in Durham were also up from March as well, going up 28 per cent, according to the press release from DRAR.

Listings in Durham were also up compared to April 2018, as there were 1,993 last month, compared to 1,908 last year.

There was also a 23 per cent increase in new listings from March to April.

“Strong year-over-year home sale growth indicates we are experiencing a balanced market. More buyers are recognizing how affordable Durham is compared to other markets and how great the quality of life is in our region,” said DRAR president Tina Sorichetti.

The average selling price in Durham was up once again at $612,195 in April, overtaking March’s $604,796, and February’s $580,743.

This represents an increase of $31,452 since February.

According to the report, Durham Region has the most affordable single-family detached homes in comparison to neighbouring markets.

The report indicates the benchmark price for single-family detached home in Oshawa was $497,200 in April.

“Durham Region is an affordable market for buyers, but it is important to note many potential buyers are forced to reassess their housing options as the OSFI-mandated stress test has impacted their ability to qualify for the home type they need,” said Sorichetti.

“We were pleased with the recent announcement from the provincial government addressing the housing supply issue and affordability in Ontario. The Housing Supply Action Plan (HSAP) includes several of the recommendations from the Ontario Real Estate Association (OREA) such as reducing development charges, promoting co-ownership, support for secondary suites and saying no to an additional Municipal Land Transfer Tax (MLTT). Home ownership should be an attainable dream for potential buyers, we are encouraged to see plans in place to make homeownership a reality.”