April 26, 2020
The Durham Region Association of REALTORS® (DRAR) President Vicki Sweeney reported mid-April statistics for the first 17 days of April 2020. DRAR has been monitoring the impact of the COVID-19 pandemic on the Durham Region housing market.
On a year-over-year basis, residential transactions decreased during the first 17 days of April in comparison to the same time last year. The number of new listings reported represented a decrease of 57.4 per cent in Durham Region for all home types. It is positive to note the average selling price in Durham Region has not experienced a large change remaining stable at $611,125 for all home types in the region.
“Housing markets are experiencing the impact of this pandemic as concerns about the economy grow. Buyers and sellers may be waiting as social distancing measures are in place,” said DRAR President Vicki Sweeney. “It was anticipated the spring market would experience a decline during this global pandemic and we are seeing this in the first 17 days of April. As social distancing measures are in place across the Province, we may not see an increase to the market until later this year.”
Following the recovery of this temporary shutdown, a large number of people will return to work and home buyers may take advantage of the low borrowing costs. REALTORS® have been following social distancing measures and conducting virtual open houses and tours to assist the thousands of buyers and sellers currently in the process of a transaction.
For additional information on the impact of COVID-19 on the housing market and resources, visit www.DurhamRealEstate.org, the Canadian Real Estate Association’s website www.crea.ca, or the Ontario Real Estate Association’s website at www.oreacovid19info.com.
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