The Durham Region Association of REALTORS® (DRAR) President Michael Watson reported 2,076 residential transaction in March. The housing market in Durham Region continues to experience strong growth.

It is important to remember housing statistics are being compared to last March when the initial impact of the pandemic resulted in a significant decrease in activity in the market. It is also important to note sales growth for the pre-COVID-19 market (March 1 to 14, 2020) and the COVID-19 period with major impact on the market (March 15 to 31, 2020). Although sales and listings have significantly increased year-over-year, they are in comparison to statistics reported last year during the initial pandemic lockdown.

“The number of new listings in Durham Region was up month-over-month with 2,837 reported in Durham Region,” said DRAR President Michael Watson. “The spring market in Durham has arrived early and an influx of new listings on the market is a positive sign with more options for potential buyers.”

 The MLS® Home Price Index Composite Benchmark price in Durham Region was up 32.83% in March at $812,500 for all home types. In Durham Region’s Clarington market, the price reached $732,400 last month. Buyers continue to take advantage of low borrowing costs and the diverse housing markets across Durham Region.

“DRAR agrees with the Canadian Real Estate Association and the Toronto Regional Real Estate Association that a capital gains tax would effectively create a disincentive for anyone to ever list their home, and further exacerbate the already dire lack of housing supply across Canada,” said DRAR CEO Wendy Giroux. “Implementing a capital gains tax would cause more harm than good to the housing markets across Canada as well as right here in the Durham Region. The tax could put more pressure on housing prices rather than cool them and we will continue to advocate against this tax on members and their clients’ behalf”

During this province wide emergency brake shutdown, everyone is strongly advised to stay home, avoid social gatherings, minimize travel between zones, and limit contact with those outside of their household. REALTORS® are reminded open houses are prohibited across the province.

“As leaders in the community, we need to keep health and safety top of mind. It is critical we use virtual open houses and virtual tools while limiting in-person contact and not allowing any double bookings on showing appointments,” stated Watson. “We need to continue to follow health measures to keep our communities safe and help curb the spread of COVID-19.”