November 4, 2020
The Durham Region Association of REALTORS® (DRAR) President Vicki Sweeney reported 1,377 residential transactions in October representing a 42 per cent increase from the same time last year. 1,644 new listings were reported in October.
The average selling price in Durham Region reached $740,436 representing a 21 per cent increase from the same time last year. “We’ve seen recent statistics showing Canadians are willing to push back retirement if it means they are able to buy a home sooner. The desire for homeownership is stronger than ever, this is evident in Durham’s market with 900 detached home sales in October,” said DRAR President Vicki Sweeney.
“Durham Region continues to experience strong residential transaction growth on a year-over-year basis reaching record levels. The demand for homeownership remains strong and Durham’s diverse housing market and location continues to be an ideal option for buyers,” said Sweeney. “It is clear lack of inventory and low interest rates will continue to drive home sales.”
The MLS® HPI Composite Benchmark Price in Durham was $677,900 in October an 18.16 per cent increase year-over-year. The Benchmark price for a single detached home in the Oshawa market reached $617,600.
The Conference Board of Canada is expecting strong economic recovery in the Oshawa Census Metropolitan Area which consists of Oshawa, Whitby and Clarington. In Oshawa the GDP is expected to advance to 5.8 per cent in 2021. Strong housing markets will continue to drive economic recovery.
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