February 2023 Market Update
Monday Feb 06th, 2023
Durham Region Association of REALTORS®
DURHAM REGION, February 3, 2023 – Durham Region Association of REALTORS® (DRAR) President Meredith Kennedy reported 394 residential transactions in January. The number of new listings in Durham Region increased from December by 88 per cent, with 863 new listings reported last month.
The average price in Durham Region was $886,849 in January representing a slight increase compared to December. The average price decreased by 25 per cent when compared to January 2022. The MLS® Home Price Index (HPI) Composite Benchmark for Durham was $917,900.
“The average prices in Durham Region are going to report significant year-over-year decreases as we are comparing them to 2022 when borrowing costs were historically low,” stated DRAR President Meredith Kennedy. “For comparison, the average price in Durham Region in January 2021 was $876,133.”
“The Bank of Canada raised interest rates at a historic trajectory pushing potential buyers to the sidelines. With the recent announcement that interest rate hikes will likely pause for the time being, this may allow more buyers to move into the market in the coming months” said DRAR CEO Wendy Giroux.
The City of Oshawa reported the strongest year of building activity with over $900 million in permit values. 2022 exceeded any year in Oshawa’s recorded history. New buildings in Oshawa included industrial, commercial and two new apartment buildings.
“As Durham Region continues to experience strong population growth, this impressive achievement by the City of Oshawa strengthens the economic future of the region,” said President Meredith Kennedy. (Source DRAR)
As always, we have included below a snapshot of performance of the overall market in Durham Region for the month. For a more specific look at your community, your neighbourhood and your housing style, just call us. We are always available to update you personally on current statistics and inventory, and how they are affecting your home’s value.