Durham house sales for March were up significantly from February, increasing by 44% with 864 residential transactions in the month. Durham Region Association of REALTORS® (DRAR)
President Meredith Kennedy stated “This shows our spring market is already off to a great start”.
Supporting this increase, the MLS® Home Price Index Composite benchmark rose almost 2.5% from last month in Durham Region to $947,300 in March.
DRAR CEO Wendy Giroux said “Canada’s annual rate of inflation fell by the most in almost three years in February, raising the possibility the Bank of Canada could cut interest rates later this year. We have already started to see a surge in new listings from 896 in February to 1299 in March, representing a 44.9% increase.
So sales are up from February in March, and the number of listings is up as well.
Also of interest is the forthcoming 2022 Municipal elections. Durham REALTORS® advocated candidates to support the increase of housing units in their communities to help tackle the housing supply shortage. “We are so pleased to see municipalities taking this seriously with Pickering allowing additional dwelling units on existing properties and Whitby has made a pledge of 18,000 and Clarington with 13,000 new homes by 2031” stated DRAR President Kennedy.