DURHAM REGION ASSOCIATION OF REALTORS® INTRODUCESTHE 2009 BOARD OF DIRECTORS
DURHAM REGION JANUARY 26, 2009- The Durham Region Association of REALTORS® (DRAR) is proud to announce the 2009 Board of Directors. (Back row from left to right) Cail Maclean, Executive Officer; Deborah Khoury, Immediate Past President; Allan McArthur, Director-At-Large; Claire Marsh, Durham North Director; Vince Montagano, Durham Centre Director;(Front row from left to right) Ian Smith, Director-At-Large; Debbie Dawson, President; Dierdre Mullen, Durham West Director/President-Elect; Christine Marquis, Durham East Director.
DRAR would also like to welcome Debbie Dawson, Century 21 Infinity Realty Inc., as DRAR’s 2009 President. Dawson has served on the Board of Directors for several years and has volunteered her time on various committees. Dawson is also actively involved in her community and is currently the District President for the Lioness Clubs of A-16.
Debbie describes herself as a “grass roots” REALTOR®. Having been in the industry for more than 20 years, Dawson has experienced many kinds of market conditions. Dawson’s primary focus this year is to enhance communication to the public regarding current market conditions and to effectively address the expectations of the DRAR Membership across the Durham Region.
Durham REALTORS®. We Work Where You Live. To contact a local Durham REALTOR® or find an open house visit www.DurhamRealEstate.org.
Durham Region Association of REALTORS® Aids Cancer Residence Plans With Charitable Donation
OSHAWA, January 27, 2009 – Supporting the R.S. McLaughlin Durham Regional Cancer Centre has been a philanthropic goal of the Durham Region Association of REALTORS® for several years now, and more recently, their continued support has helped to keep the dream of building a Cancer Residence for patients alive.
On Tuesday, January 27, Debbie Dawson, President of the Durham Region Association REALTORS® presented Andrea Russell, Director of Major Gifts at The Oshawa Hospital Foundation with a donation for more than $13,000, raised through their Annual Christmas Dinner. The funds will be directed to support the development of a Cancer Residence for the R.S. McLaughlin Durham Regional Cancer Centre.
The Cancer Residence will be built on the site of 364 Simcoe Street North and when completed will provide patients who live outside a 50 km radius from the Cancer Centre with safe, comfortable accommodations in a convenient location while receiving their treatment.
“We’re always searching for a shelter-based charity to support,” said Dawson. “The Cancer Residence fits right into our criteria, and we realized that it could possibly be used by people in every Region that we serve. It’s just so important for the residents to have access to the treatment and care they need without having to travel so far.”
The Association expects to continue to support the building of the Cancer Residence through their annual fundraising events. If there are no further delays, construction of the Residence is expected to being in the late spring, 2009.
GOVERNMENT TAX CREDITS TACKLE THE HOUSING MARKET
DURHAM REGION, FEBRUARY 9, 2008 – The Durham Region Association of REALTORS® reported 350 sales of single family dwellings in all of Durham Region in the first month of the year up from 265 sales last month. When comparing to January 2008, sales are down from 554.
The average price of a home in Durham Region was $257,095 from $262,710 in December with last January’s average recorded at $268,923. “Prices are slowly correcting as a result of the economic slowdown,” said Association President, Debbie Dawson. “Real estate is always a good investment and with mortgage interest rates the lowest in years it is definitely a great time to get into the market.”
The Multiple Listing Service® (MLS®) had a total of 2324 listings in Durham Region up from 2137 last month. Listings on the system in January 2008 were 2069.
“The changes recently announced in the federal budget will surely boost the confidence of Canadian home buyers, sellers and businesses in this economy,” commented Dawson. “The increase of $5000 to the Home Buyers’ Plan up to $25,000, will assist first-time buyers with their down payment and the closing costs associated with purchasing a home. The expansion of the ecoEnergy retrofit initiative; and the new tax credit for home renovations; will not only strengthen a soft housing market but will create jobs for skilled trades people, and associated businesses.”
Durham REALTORS®, We Work Where You Live. To contact a local Durham REALTOR® for more specific and local housing statistics or search for a weekend open house, please visit www.DurhamRealEstate.org.
FEDERAL BUDGET HELPS HOME BUYERS AND OWNERS
DURHAM REGION FEBRUARY 12, 2009 - The Durham Region Association of REALTORS® (DRAR) welcomes the federal government initiatives to stimulate economic growth outlined in the 2009 budget, especially those that will encourage home ownership in Canada. The Association applauds the government for recognizing the economic importance of the housing industry in some of the budget measures.
One of the most important announcements made in the budget was the increase to the Home Buyers’ Plan. New home buyers can withdraw $25,000 (an increase of $5000), tax-free, from their RRSP to put towards the down payment on a home. The Federal Budget also recognized that the costs associated with the purchase of a home are hard on first-time buyers; therefore they announced a First-time Home Buyers’ Tax Credit that will help off-set closing costs such as: legal fees and land transfer tax. The credit will be 15 per cent on up to $5000 of the costs associated with the closing costs of a new home purchase.
The announced Home Renovation Tax Credit will assist both current home owners and buyers considering properties that may benefit from renovations. The tax credit provides a 15 per cent credit that can be claimed on the portion of eligible home renovations exceeding $1,000, but not more than $10,000, which means that home owners could be eligible for a tax credit of up to $1,350. This credit would apply to eligible renovations, after January 27, 2009 and before February 1, 2010, on one or more of an individuals personal use properties.
As well, the industry welcomes the Green Infrastructure Fund – $1 billion over five years – which will support projects designed to produce cleaner air, land and water and; the additional funding for ecoEnergy Program, an investment that will produce an immediate increase in economic activity as well as benefit the environment.
While Members of DRAR are glad to see the federal government take action to help home buyers and owners, it is important for all levels of government to do their part. This is also true for Durham, and more specifically the City of Oshawa where property taxes in the area discourage home ownership. Like the federal government, the City of Oshawa’s City Council should recognize the importance of the housing industry to the economy, and the best way to do it would be to roll back the property taxes.
When home owners or buyers utilize these incentives it is not only an investment in their property; it will also stimulate the economy. REALTOR® interaction with all levels of government is critical to the work they do, their involvement impacts politician’s decisions on home buyers, home owners, and the real estate industry. With this in mind, REALTORS® and their professional Associations such as the Canadian Real Estate Association, Ontario Real Estate Association, and the Durham Region Association of REALTORS® constantly monitor government proposals and actions, and are ready to communicate their concerns through an active Political Affairs Member network.
MAKE WAY FOR THE SPRING MARKET
DURHAM REGION MARCH 6, 2009 – Debbie Dawson, President if the Durham Region Association of REALTORS® (DRAR) announced that 507 homes changed hands in Durham Region during the month of February from the 350 sales in January.
“Although this represents a decrease from 770 homes sold in February of ‘08’, the month over month increase shows signs that the anticipated spring market has sprouted,” commented Dawson.
The average selling price of a home increased slightly to $263,899 from $257,095 last month but is -2.8% lower that the $271,408 reported at the same time last year.
“While the economic downturn has been tough on the Region; current mortgage rates, housing prices and new government incentives have made it more affordable to purchase a home,” said Dawson. “In January the Canadian Real Estate Association reported that Oshawa ranked 7th, out of the top 10 Canadian cities where average house prices were up from the national and major market average selling prices that had declined year over year. Although Durham’s February housing is not showing an increase to the average selling price year over year, it is showing a slight increase to the average selling price month over month of 2.6%, presenting signs of optimism for the months ahead.”
“There is no doubt the market is not as active as it was in previous years,” commented Dawson. “With 2455 total active listings on the Multiple Listing Service® in February up from the reported 2324 in January for Durham; there are certainly buyers and sellers in the Durham residential market. In a slow market, transactions have a tendency to take longer because of negotiations between the parties involved. Realistic pricing is the key to the sale of any home and in this market, it’s even more important. Conditions will vary from one neighbourhood to another and both buyers and seller should be aware of this.”
Durham REALTORS®, We Work Where You Live. To contact a local Durham Association REALTOR® for more specific and local housing statistics or search for a weekend open house, please visit: www.DurhamRealEstate.org.
SALES INCREASE AS DURHAM MOVES INTO THE SPRING MARKET
DURHAM REGION APRIL 7, 2009 – “Sales of single family homes in the Region rose to 694 in March from 507 reported in February, which represents a year-over-year decrease from the 824 sales calculated this time last year,” announced President Debbie Dawson, Durham Region Association of REALTORS® (DRAR). “March’s average price of $263,970 has remained steady from February’s $263,899, and is down from $275,656 in March of ‘08’.”
“Despite the economic downturn it appears that a number of buyers and sellers are taking advantage of the increased affordability the current market has to offer, said Dawson. “Buyers and sellers alike may want to take full advantage of the current residential and commercial marketplace; especially since the Government of Ontario recently announced the harmonization of sales tax (HST). Although Real Estate Boards and Associations are currently working together in opposing any system of harmonized sales taxation in view of the fact that it will hurt the future of housing affordability; the HST is set to take effect on July 1, 2010.”
“Now is not the time to be erecting barriers to homeownership. We need consumers to invest in housing to help get our economy going again,” said Ontario Real Estate Association (OREA) President Pauline Aunger.
“OREA urges the Government of Ontario to avoid harmonizing the PST with the federal GST. Such an alteration to Ontario’s tax policy would cost consumers, particularly homebuyers, millions, ensuring that housing sector’s recovery from this economic downturn is unnecessary prolonged,” stated Jim Flood Director, Government Relations for OREA.
“Specifically, a HST will result in the 8% provincial sales tax being levied on a variety of services, including legal fees, real estate commissions and home inspections currently exempt under the existing tax structure. These new taxes could add up to thousands of dollars in extra closing costs,” commented Dawson.
Durham REALTORS®, We Work Where You Live. To contact a local Durham Association REALTOR® for more specific and local housing statistics or search for an open house, please visit www.DurhamRealEstate.org.
DURHAM REGION ASSOCIATION OF REALTORS® ANNUAL GENERAL MEETING – LOCAL AND GLOBAL ECONOMIC OUTLOOK
DURHAM REGION APRIL 14, 2009 – Don Drummond Senior Vice President and Chief Economist for TD Bank, spoke at the Durham Region Association of REALTORS® (DRAR) Annual General Meeting on April 9, held at the Holiday Inn, Oshawa. Drummonds’ speech provided Members with an analysis of the economic performance and implications in the global marketplace, in Canada and more locally in the Durham Region.
“We project great weakness through 2009 across all major markets,” said Drummond. “By 2010, a shallow economic recovery gets underway as fiscal and monetary stimulus takes hold. Longer economic imbalances still need to unwind. This situation may have become worse due to recapitalization, deleveraging among businesses and households and huge public sector dissaving.”
DRAR was founded in 1954 by W. Paul Ristow. In celebration of the Association’s 50th Anniversary in 2004, Ristow donated the Founder’s Cup to be awarded to a Director or Committee Chair each year whose commitment and service to the Association was exemplary.
The 2008 W. Paul Ristow Founder’s Cup was awarded to Joe Bosco, 2008 DRAR Commercial Council Chair, Royal LePage Frank Real Estate, Oshawa. “I would like to thank other Committee Members through out the years, the Association, and also the late Walter Frank, founder of Royal LePage Frank Real Estate who was my mentor when I began working in real estate,” said Bosco. Bosco has been active on many Committees and task forces over the years and served as President of the Association in 1969.
AVERAGE SELLING PRICE REMAINS STEADY IN THE FIRST HALF OF APRIL
DURHAM REGION APRIL 22, 2009 - The Durham Region Association of REALTORS® (DRAR) reported 378 transactions in the first half of April, down 17% from the 458 reported mid-month of April ‘08’.
“Sales of single family homes in the Region rose to 694 in March ‘09’ up from the 507 reported in February ‘09’. Despite the economy, if transactions continue to grow at the same rate through to the end of April we will see the upward trend of sales continue in ‘09’ and well into the spring market,” commented Debbie Dawson, 2009 DRAR President.
The average selling price is up 1% ($273,480) from the $270,795 reported mid April ‘08’.
“From the numbers, we are not projecting a drop in the average selling price of a single family home this spring; which is good news for sellers,” said Dawson. Favorable interest rates have gotten buyers off the sidelines and into the market, making April a positive month for both buyers and sellers alike.”
DURHAM REALTORS® PITCH-IN
DURHAM REGION April 23, 2009 - Members of the Durham Region Association of REALTORS® came out and showed their pride in the community by participating in “Communities with Brooms”, which helped clean-up Oshawa’s downtown.
A BLOOMING SPRING MARKET FOR DURHAM
DURHAM REGION APRIL 8, 2009 – “Conditions in the resale housing market have improved remarkably this spring,” said Debbie Dawson, President of the Durham Region Association of REALTORS®. “While April’s 843 sales are lower than the 989 reported in April ‘08’; sales are up by an outstanding 21% from March’s 694.”
Average selling prices in the Region remain consistent at $269,596 for April ‘09’ only 2% lower than April ‘08’ $275,751 and 2% higher than the $263,970 recorded in March ‘09’.
“Although there is a decrease in the year-over-year sales activity, homes in the Region are still holding their value as average selling prices have remained stable, despite current market conditions,” commented Dawson.
According to a recent Pollara Strategic Insights survey called, ‘Crisis Watch’, respondents feel that federal tax cuts might have some effect on the economy over the next 12 months – 38% saying it is somewhat likely and 13% very likely. But other measures are felt to be less effective – only 14% feeling that incentives to purchase a home will have an impact. (POLLARA Financial Outlook Survey)
“Despite what respondents cited in the survey, April’s activity is showing signs of optimism from buyers and sellers a like, who seem to still be taking advantage of increased affordability powered by low interest rates and the various home buying incentives,” commented Dawson.
“Recently DRAR partnered with Boards and Associations across Ontario in opposing the harmonization of Ontario’s PST and GST that would potentially add an extra $2000.00 to a resale home transaction,” said Dawson. “It seems that at this time the McGuinty government’s plan is hitting a wall of opposition through lobbying efforts struck by REALTORS®, their clients, and Boards/Associations across Ontario. Adding extra costs to the real estate transaction at this time will not only prolong the real estate industry’s recovery, but will also offset the home buying incentives introduced earlier this year.”
Durham REALTORS®, We Work Where You Live. To contact a local Durham Association REALTOR® for more specific and local housing statistics or search for an open house, please visitwww.DurhamRealEstate.org.
REALTORS® HAVE THE OPPORTUNITY TO THANK GOVERNMENT LEADERS FOR THEIR PART IN THE STIMULUS PACKAGE
DURHAM REGION May 12, 2009 - Prime Minister Harper and Finance Minister Jim Flaherty were guests at the Canadian Real Estate Associations Political Affairs Conference held April 26-28, in Ottawa. The two special guests also met with Durham Region Association of REALTORS® (DRAR) Political Affairs Committee (PAC) representatives: Cail Maclean, Executive Officer; Lloyd Elliott, PAC Chair and Debbie Dawson, 2009 President.
REALTORS® had the opportunity to thank the Prime Minister and Finance Minister for actions taken in the Budget 2009 to stimulate the housing sector; and, in particular, for answering the call to restore the purchasing power of the Home Buyers’ Plan. Most report forms filed by PAC Reps after the meeting indicated that MPs show a continued interest in our Reinvestment (capital gains rollover) proposal, and are for the proposals to now index the Home Buyers’ Plan RRSP withdrawal limit and to extend the Home Buyers’ Plan to all home buyers for a two year period, rather than restricting it to first time buyers only.
“DRAR will also continue its efforts in fighting the harmonization of Ontario’s GST and PST,” commented Dawson. “Specifically, a HST will result in the 8% provincial sales tax being levied on a variety of services, including legal fees, real estate commissions and home inspections currently exempt under the existing tax structure. These new taxes could add up to thousands of dollars in extra closing costs.”
UPWARD TREND IN REGION’S SPRING MARKET
DURHAM REGION May 21, 2009 – The Durham Region Association of REALTORS® (DRAR) reported 464 sales in the first half of May, down 7% from the 500 reported in May ’08.
“Last month DRAR reported April’s mid-month sales were down 17% from the same time in ’08,” said Debbie Dawson, DRAR President. “Because of the ‘doom-and-gloom’ talk in today’s market, it was harder to foresee what the spring market would hold. But May’s spike in sales from that of April’s displays signs of optimism for the coming months; despite the harder economic times.”
The average selling price is down 1% ($277,857) from the $281,434 reported in ’08.
“We have not projected a considerable drop in average selling prices for the Region and the numbers are still very promising at this time,” said Dawson. “We have been seeing an upward trend since the beginning of the spring market and hope the market remains as steady as it has into the summer months.”
SALES IN THE REGION UP 21.7%
DURHAM REGION JUNE 3, 2009 - "The resale housing market in the Durham Region has remained remarkably steady throughout 2009’s unanticipated busy market," commented Debbie Dawson, 2009 President of the Durham Region Association of REALTORS® (DRAR).
Although May’s 1026 sales are down 2.3% from the reported 1051 sales in May ’08, they are up a considerable 21.7% from the 843 sales reported in April ’09. “Usually we see these types of numbers early in the spring market but this year it seems buyers took more time with their house search, utilizing home purchasing incentives and current economic factors to their advantage,” said Dawson.
“The average selling price of a home is also up 3.3% ($278,592) from April’s reported $269,596, this is only a 1.5% drop from May ‘08’s reported $282,717,” said Dawson. “Last years housing market was full of record breaking numbers; despite market dynamics, Durham’s spring market has remained particularly strong.”
“Without a doubt we are facing a changing housing market and purchasers should be aware of the basic fundamentals when starting a ‘house hunt’,” commented Dawson. The old steps still remain tested and true in today’s market: 1) Save smart for a down payment, the larger the down payment the more beneficial it will be to narrow down your bottom line; 2) Don’t over spend, just because your approved for certain mortgage amount doesn’t mean that you have to spend it; 3) Understand your market, understand the market trends and development in the area you’re interested in such as: local job market, pricing, comparables etc.”
JUNE MID-MONTH MLS® STATISTICS
DURHAM REGION JUNE 18, 2009 - The Durham Region Association of REALTORS® (DRAR) reported 552 sales in the first half of June ’09, with an average selling price of $283,355.
“The Region saw the average selling price gaining momentum in the spring of ‘09 and now they are holding their tempo into the summer,” commented Dawson. “This is an unlikely occurrence as the market tends to slow down this time of year as prospective buyers head for their weekend retreats.”
SECOND BEST JUNE ON RECORD
DURHAM REGION JULY 7, 2009 – “Sales of single family dwellings are up 8.6% (1115) in June 2009 from May’s reported 1026 sales, and up 15% from the reported 967 sales this time last year,” commented Debbie Dawson, 2009 Durham Region Association of REALTORS® (DRAR) President.
Average selling prices are up 1.2% ($281,765) in June from May’s $278,592, and down only .5% from the reported $283,012 in June ‘08.
“Although many records were set in last year’s housing market, they can be contributed to far better economic conditions,” said Dawson. “To see records being set in what was forecasted to be a slow market; shows that despite the current economic conditions, buyers are confident that better times are to come.”
Total active listings are down 11.7% (2276) from May’s 2579, and down 27% from June ‘08’s 3118.
“The summer market tends to slow as buyers head off to their vacation destinations but June’s numbers have shown no signs of a weak summer market,” commented Dawson. “In fact what was once a buyers market in 2009 has now turned into a seller’s market with listings down and sales up.”
Durham REALTORS®, We Work Where You Live. To contact a local Durham Association REALTOR® for more specific and local housing statistics or search for an open house, please visit www.DurhamRealEstate.org.
DURHAM’S HOUSING MARKET STILL STRONG
DURHAM REGION JULY 28, 2009 – The Durham Region Association of REALTORS® (DRAR) reported 441 sales in the first half of July ’09, an increase of 11% from the 396 sales reported at the same time last year.
“Last month we saw an increase in sales and average selling prices,” commented Debbie Dawson, 2009 President Durham Region Association of REALTORS®. “And July’s mid-month housing report doesn’t disappoint. With sales up and average selling prices up 6% ($287,381) from the $271,890 recorded in July ’08 the Region’s housing market is still going strong.”
BUYERS MARKET NO MORE
DURHAM REGION AUGUST 7, 2009 – Sales of single family homes in the Durham Region are down 7% (1033) in July ‘09’ from the recorded 1115 in June ‘09’, but up 16% from the 891 sales reported in July ‘08’.
Average selling prices are up 1.2% ($285,247) in July, from June’s $281,765, and up 3.7% from the reported $275,139, in July ‘08’.
“First-time buyers and the Bank of Canada rate cuts have helped restore stability to a market that slumped from late 2008 to early this year,” commented Debbie Dawson 2009 President of the Durham Region Association of REALTORS® (DRAR). “In early 2009 the housing market and economic crisis seemed to have battered consumer confidence; and now that we have reached mid-2009 the numbers show households are becoming more confident in their economic positioning and taking full advantage of the affordability of today’s housing market.”
Total active listings are down 11% (2023) from June’s reported 2276, and down 33% from July ‘08s’ 3003.
“With sales up and listings down the buyers market that we were seeing earlier this year has quickly turned into a sellers market,” commented Debbie Dawson. “Though it’s a sellers market, purchasers should still make sure they understand the market trends and development in the areas they are interested in. Researching the local job market, pricing, and comparables are still an important factor in the house hunting process.”
Durham REALTORS®, We Work Where You Live. To contact a local Durham Association REALTOR® for more specific and local housing statistics or search for an open house, please visit www.DurhamRealEstate.org.
SALES UP 19% IN THE DURHAM REGION
DURHAM REGION AUGUST 20, 2009 - The Durham Region Association of REALTORS®
(DRAR) reported 417 sales in the first half of August '09, an increase of 19% from the 349 sales reported mid-month in August '08.
"The average selling price climbed 3% ($281,223) from the $272,788 recorded at the same time last year," said Debbie Dawson, 2009 DRAR President. "As we start the third-quarter Durham Region's housing market is booming. With a 35% (1,929) decrease in inventory from the reported 2,972 active listings on market in August '08 and steady average selling prices, the market which was favorable to the buyer is now opening its doors in favour of the seller."
Durham's Housing Market Stronger Then Expected
DURHAM REGION SEPTEMBER 8, 2009 –The Durham Region Association of REALTORS® (DRAR) reported 875 sales in August 2009, down 15% from July 09’s 1033, but up 15% from the 746 recorded in August ‘08’.
Average selling prices were down 2.2% ($278,400) in August, from July’s $285,247, but up 2.8% from the reported $270,802 reported in August ‘08’.
“Home sales are stronger then expected,” commented Debbie Dawson, 2009 DRAR President. “The drop in sales from July to August is consistent with market history. Housing sales usually drop in August as most clients go on vacation or are busy getting children ready for a new school year.”
“Total active listings are down 34.6% (1865) from August 08’s 2849,” reported Dawson. “There is now a demand for resale homes in various price ranges within Durham. The demand is also keeping the average selling price up from the same time last year.”
BEST SELLING SEPTEMBER ON RECORD
DURHAM REGION OCTOBER 7, 2009 –The Durham Region Association of REALTORS® (DRAR) reported 825 sales in September 2009, down .5% from August 09’s 875, but up 9% from the 752 recorded in September ‘08’.
Average selling prices were up 1.4% ($282,308) in September, from August’s $278,400, and up 5.5% from the $267,478 reported in September ‘08’.
“Durham’s fall market is starting stronger than ever,” said Debbie Dawson, 2009 DRAR President. “With the reported 825 sales this September, it is the best selling September on record!”
Total active listings are down 36% (1920) from September 08’s 2989, and up 2.9% from last months 1865.
“This year’s real estate market has been a rollercoaster ride,” commented Dawson. “With a weakened economy Durham’s first quarter started off rocky. Government incentives kicked the second quarter into gear and into a buyers market. Now with listings well below the same time last year the market has spun into a sellers market. In the first quarter we never would’ve anticipated setting any records, but with both June and September in the record books, the first quarter pessimism has come and gone with the changing of seasons.”
Durham REALTORS®, We Work Where You Live. To contact a local Durham Association REALTOR® for more specific and local housing statistics or to search for an open house please visit www.DurhamRealEstate.org.
