June 5, 2023
The real estate landscape in Durham Region experienced an upswing of activity in May, as reported by the Durham Region Association of REALTORS® (DRAR). President Meredith Kennedy reported an 18 percent increase in sales compared to April, the region recorded a total of 1,067 transactions. Simultaneously, the number of new listings increased by 35 percent, reaching 1,650.
President Meredith Kennedy noted the positive substantial rise in new listings when compared to the previous month. Kennedy commented, "We are happy to see an influx of new listings in Durham Region, providing enhanced supply and increased options for homebuyers." Furthermore, the average selling price in Durham reached $988,644 in May.
While the MLS® Home Price Index (HPI) composite benchmark price witnessed a 10.51 percent decline, settling at $981,100, it is important to note that this decrease was observed across all markets in Durham Region on a year-over-year basis. For instance, in Oshawa, the benchmark price reached $869,300, marking a 10.88 percent decrease.
The recently released 2022 Economic Development and Tourism Annual Report for Durham Region highlights the region's growth throughout the year. Durham Region continues to be an ideal destination for homebuyers, with the population projected to reach 1,300,000 by 2051. Furthermore, the Oshawa census metropolitan area, spanning from Bowmanville to Whitby, ranks as the third fastest-growing population in the country.
DRAR CEO Wendy Giroux expressed pride in the region's robust economic growth and emphasized that the current market sales and listings serve as a testament to the strong demand for homeownership. Giroux stated, "We take pride in the significant economic growth within our region, and the sales and listings figures underscore the demand for homeownership. While positive policy changes have been implemented in recent months, we must continue the conversation surrounding housing supply to ensure it meets the growing demand."
The Durham Region housing market's current state reflects its ideal location and reinforces the region's position as a thriving real estate destination.
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