DURHAM REGION, June 3, 2022 – The Durham Region Association of REALTORS® reported 1,025 transactions through their MLS® System in May 2022, down 5.9% from April 2022 and a 34.9% drop year over year. The local housing supply doubled to 1.4 months of inventory in May from only 0.7 months in March 2022.
“Seemingly in response to increasing borrowing rates by the Bank of Canada, the market cooled slightly from April to May but only by 7%.” Stated DRAR President Meredith Kennedy. “May 2022 saw an average selling price for all units in Durham drop under the $1 Million mark to $995,668 which is not bad considering the overall Home Price Index and Composite Benchmark price for all home types in Durham reached $1,128,900 – a 37.63% increase just a few months ago.
Prospective buyers are also relieved to see the selling price over asking price move closer to parity from earlier this year from 129% to 108%. It’s giving buyers a bit more breathing room while trying to negotiate.” The benchmark price for single-family homes was $1,205,900, up by 28.25% on a year-over-year basis in May.
By comparison, the benchmark price for townhouse/row units was $790,000, an increase of 30.42% compared to a year earlier, while the benchmark apartment price was $703,000, a sizable gain of 35.76% from year-ago levels.
“The Durham Region Association of REALTORS® congratulates our new Provincial Government and looks forward to meeting with our new and re-elected MPP’s in the weeks to come.” Said DRAR CEO Wendy Giroux “Many commitments were made with respect to housing policy and development and we will continue to advocate to ensure those promises are acted on as swiftly as possible.”
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