September 2, 2022
The Durham Region Association of REALTORS® (DRAR) President Meredith Kennedy reported 806 transactions through the MLS® System in August, representing a 15 per cent increase a month-over-month basis. The number of new listings reached 1,275 for the month of August, this represents a 13 per cent decrease when compared to July 2022.
“Although listings decreased on a month-over-month basis, there was a significant uptick in the number of sales reported in Durham Region,” stated DRAR President Meredith Kennedy. “The number of days a home is staying on the market continues to level out, indicating that transactions are involving home inspections, and other important steps to complete a sale. This is important to note as Durham Region moves towards a balanced market.”
The average selling price in Durham Region was $920,269, a slight decrease from the previous month. The average price in Durham Region has not experienced drastic decreases forecasted for the market. The MLS® Home Price Index (HPI) Composite Benchmark was up 6.9 per cent year-over-year reaching $961,300.
“Durham Region continues to experience rapid population growth with the Region experiencing an 8 per cent increase from 2016 to 2021 alone and it continues to trend upwards. With strong population growth, it is imperative all levels of government work together to make housing a priority.” said DRAR CEO Wendy Giroux. “There are issues beyond borrowing costs that are directly affecting housing and leading up to a municipal election is the time for candidates to focus on infrastructure, reduce red tape and address the housing supply issue. Durham Region is made of urban, rural and commercial zones, and is an ideal location for homebuyers.”
The demand for homeownership remains strong and Durham Region is a popular location. Now is the time for all levels of government to address the housing supply issue and create long-term solutions.
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