The Durham Region Association of REALTORS® (DRAR) reported a 5% drop in new listings from last month signalling reaction from the Bank of Canada’s interest rate hikes over the last several weeks.
Higher borrowing costs, appear to have prospective buyers taking a more cautious approach with anticipated borrowing increases on the way. The housing market in Durham Region reacted with the number of transactions down both on a monthly and year-over-year basis, however new listings are almost equal to the previous year average. Dropping from an average $1.18 Million year to date, the selling price for a home in the Durham Region in April 2022 was $1,075,332.
“We are seeing a shift in the market with sales down 21.6% from last month and average selling prices cooling off by 6%. Expect to see further adjustments as borrowing rates increase and we adapt to new ways of living through the economic challenges that we have faced over the last 2 years.” said DRAR President Meredith Kennedy. Further, DRAR reported 1,089 homes sold through our MLS® System in April 2022 – only a 21.6% decrease compared to 41.2% decrease across the GTA from April 2021 and a 21.6% decrease versus 27% decrease(GTA) compared to March 2022.
The MLS® Home Price Index and Composite Benchmark price for all home types in Durham reached $1,128,900 – a 37.63% increase from the same period in 2021. “As the housing market remains a hot topic of discussion around dinner tables across the Durham Region and we officially find ourselves in a Provincial Election Campaign, we invite everyone to join us at one of the many All Candidate Events sponsored by the Durham Region Association of REALTORS® throughout the region in the next few weeks.” Stated DRAR CEO Wendy Giroux.
Tuesday May 10 – (Ajax and Pickering-Uxbridge Ridings dual event) Ajax Pickering Board of Trade
Monday May 16 – (Durham Riding) Scugog Chamber of Commerce
Tuesday May 17 - (Oshawa Riding) Greater Oshawa Chamber of Commerce
Thursday May 19 – (Whitby Riding) Whitby Chamber of Commerce
Visit the host websites for registration and location information.
(905) 723-8184
(905) 723-7531
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