Durham Region Association of REALTORS®

Durham Region Association of REALTORS® (DRAR) President Meredith Kennedy reported 903 residential transactions in April representing a 5 per cent increase from last month. On a year-over-year basis, sales were down 17 per cent in Durham Region. The average selling price decreased by 11 per cent when compared to the market high last year, averaging $956,240 in April for all home types. The number of new listings in the Durham Region was 1,223. Listings were down significantly when compared to the 2,338 reported in April 2022. Although, listings and sales were down when compared to this time last year, it is important to note the borrowing cost increases that happened following the height of the market. “Activity has picked up in the market as we enter the typically busier summer months, said President Meredith Kennedy. “The average days on the market in Durham Region was 12 days, down from the number reported in March. Durham Region continues to be a popular location for buyers.”

Fewer listings relative to sales means there was more competition between buyers. The issue is not the demand for homeownership, as we continue to see buyers entering the market, especially now that many have come to terms with the higher borrowing costs. The issue is the supply issue to meet the high demand for homeownership. DRAR continues to advocate all levels of government to keep housing supply top of mind for policymakers. “Durham Region recently committed $7.45 million to affordable housing projects in Oshawa and Pickering, this is an exciting announcement for the region and is part of the new ‘At Home Incentive Program,’” said CEO Wendy Giroux. “This program will improve housing choice, affordability, and sustainability in our community while addressing the urgent need for affordable housing.” Durham REALTORS®, We Work Where You Live. To contact a local Durham Association REALTOR® or to search for a weekend open house or listings in your neighbourhood, please visit www.DurhamRealEstate.org Durham REALTORS®, We Work Where You Live. To contact a local Durham Association REALTOR® or to search for a weekend open house or listings in your neighbourhood, please visit www.DurhamRealEstate.org