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The Vatandoust Sirrs Team with Keller Williams Energy Real Estate

The Vatandoust Sirrs Team Blog

Read what's happening in the local real estate market, get tips for home owners,  buyers, and sellers, find out community news, and more.

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.
Number of sale in durham region graph
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.
Graph Showing Average Price OF Homes Sold in Durham“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.”
Graph Showing Sold vs. Available Homes in Durham

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Toronto Real Estate Board - IDX Last Updated: 9/15/2019 8:24:27 AM