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Hot summer for housing market

Durham Region sales in July increase 31 per cent year-to-year from 2018

By Dave Flaherty/The Oshawa Express

The Durham housing market continues its hot summer as sales in July were up 31 per cent from the previous year.

The Durham Region Association of Realtors (DRAR) reports there were 1,041 sales in the region last month.

“Month over month, we continue to see strong home sale growth in Durham Region. This is a clean indicator that the demand for home ownership has not diminished,” says DRAR president Tina Sorichetti. “Some buyers have come to terms with the adjustment of the OFSI mortgage stress test and are moving back into the market. With this, supply must meet the needs of the growing demand.”

New listings in Durham were also up in July to 1,892, representing a 13 per cent increase from 2018. The average selling price also jumped slightly to $604,938.  However, Sorichetti says a more varied, and affordable housing supply is needed in the province.

“Housing supply is an issue that is greatly impacting the marketplace. We have been calling on elected officials to address the housing supply issue, and it is very encouraging to see our provincial government launch consultations to cut red tape that is slowing down the process of building more homes that people need and can afford as part of the More Homes, More Choice Act,” Sorichetti adds.

DRAR has followed the Ontario Real Estate Association in asking federal parties to present plans ahead of this fall’s election to make buying a home more affordable in Canada.

“As Durham Region continues to be an ideal region for home owners, we will continue to call on the federal government to offer a plan that addresses home ownership, supply and affordability as the dream of home ownership is an important matter to Canadian families,” says Sorichetti.