March 5, 2020
Durham Region Association of REALTORS® (DRAR) President Vicki Sweeney reported strong residential transaction growth in Durham Region. On a year-over-year basis residential transactions increased significantly to 890 in February 2020.
“We are seeing high demand in Durham Region. The average days on market decreased to an average of 18 days on market in February,” said Sweeney. “New listings amounted to 1,293 in February 2020, a 13 per cent increase from the same time last year. Moderate new listing growth in comparison to the 52 per cent increase of residential transactions, indicates a market that has tightened considerably from last year,” stated Sweeney.
The average price in Durham Region reached $657,788, representing a 13 per cent increase from the same time last year. The MLS® Home Price Index Composite Benchmark was up 9.30 per cent in February 2020. The Composite Benchmark price for all home types in Durham reached $595,600.
“Market conditions have tightened over the past year and we are experiencing significant sales growth as the effects of the 2017 OSFI mortgage stress test have decreased over time. However, it is important to note that housing supply needs to continue to be top of mind for all levels of government,” said Sweeney.
This past week has marked a historic win for Ontario REALTORS® with the passing of the Trust in Real Estate Service Act, 2019 (TRESA). REALTORS® have been advocating for over a decade for an update to the Real Estate & Business Brokers Act, 2002 (REBBA). TRESA amends REBBA and this newly passed legislation will strengthen consumer protection and professional standards.
“This is a huge win for REALTORS®, homebuyers and sellers. The real estate sector is one of the most important parts of Ontario’s economy and REALTORS® assist homebuyers and sellers with the largest financial transaction of their lives. The passing of TRESA will help enhance professional standards, better protect consumers and create a more fair and effective business environment. This is an important milestone and we are proud of the efforts and support that has helped this move forward,” said Sweeney.
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