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Real Estate Market Update for November 2018
Durham REALTORS® reported 730 residential transactions in November 2018. The number of residential sales was down 16.9 percent compared to November 2017 and down 8.5 per cent from the same time last month.
Toronto Real Estate Board and Durham Region Association of REALTORS® (DRAR) announced the continuation of moderate price growth in November 2018 compared to November 2017.
The average selling price of homes in Durham was up 2.7 per cent year-over-year to $590,403.
“The number of new listings is down on a year-over-year basis this November. It was predicated we may see a tightened market and this indicates that, in some areas, a shrinkage in inventory may be the cause,” said Tina Sorichetti - DRAR president.
“Due to the OSFI-mandated mortgage stress test and higher borrowing costs, it was expected that we would see a shift in market conditions and sales,” says Sorichetti. “Last year at this time we experienced a temporary increase in demand as the market anticipated the upcoming OSFI-stress test at the end of the year.”
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