With 2018 now in the books, it’s time to have a look back at the Durham Region housing market and assess where it is home owner’s stand and where the market is headed.
The Durham Region Association or Realtors® reports that there were a total of 8,941 residential transactions in 2018. This was about a 20% decline from the previous year. In addition, the average sale price for all homes in 2018 was $587,200, a drop of about 5.4% from 2017 when the average was $628,005.
But the news is not all bad. The modest decline may be due to the hesitation by both sellers and buyers with the governments new mortgage regulations coming into to play. In fact, the end of 2018 actually showed modest growth. The average selling price in November of 2018 was up 2.7% from the same month the previous year, sparking some hope of a turnaround and a healthy market for 2019.
The bottom line is that the Durham Region is still growing. Our area is near the top of the list when it comes to places to buy real estate in Canada. There is exciting development, in both transit and home building, that making the Durham Region a very attractive place to live and raise families.