Housing market still red hot in Durham
November 14, 2019 | Posted by: Dino Pupulin
By Dave Flaherty/The Oshawa Express
The meteoric rise in 2019 of Durham Region’s housing market continued through October.
The Durham Region Association of Realtors (DRAR) reports there were 968 residential transactions last month, representing an increase of 21 per cent year-to-year from 2018.
The average selling price was also up four per cent to $613,606 in October.
“Durham Region’s housing market remains strong as we see another significant year-over-year sales increase,” said DRAR president Tina Sorichetti, adding it is positive to see continued momentum during the fall market.
The number of new listings decreased marginally from September, reaching 1,625 in October.
On a month-over-month basis, the average days a listing spent on the market dropped from 25 days in September to 22 last month.
Sorichetti said this is a “great sign.”
“Houses on the market are moving fast, and residential transactions in Durham continue to remain strong. It is typical to see a slight decrease in new listings during the fall market as some sellers may wait until the spring,” Sorichetti said.
With the federal election come and gone, Sorichetti is hopeful issues such as the reintroduction of a 30-year amortization period for insured mortgages and the loosening of the rules of the federal government’s mortgage stress test will be implemented in Parliament.
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