Durham Region experienced a 51 per increase of new listings
The Durham Region Association of REALTORS® (DRAR) President Michael Watson reported 651 residential transactions in Durham Region in the first month of 2021, representing an 11 per cent increase from the same time last year.
The number of new listings in Durham reached 945 in January, a significant 51 per cent increase compared to the number of listings in December. The average selling price was $876,133 in January, this is a 13 per cent increase from the same time last month.
“Durham Region continues to experience a significant influx of buyers in our market. With a 51 per cent increase of new listings month-over-month we can anticipate an early spring market,” said DRAR President Michael Watson. “Oshawa led the region with the most sales in January with 202 transactions and an average selling price of $731,880.”
The MLS® Home Price Index (HPI) Benchmark price for single-family detached home in Durham Region reached $786,900 this represents a 24.4 per cent year-over-year increase. The MLS® HPI Benchmark price for a townhouse in Durham’s Clarington market was $561,600.
“As we experience this increase of interest in our housing market, it is important to note that supply is needed to keep up with the trend of population growth in our Region,” stated Watson.
The Oshawa Census Metropolitan Area (CMA) is leading the country in population growth according to a new ranking from Statistics Canada, the Oshawa CMA had a population growth rate of 2.1 per cent in 2020. The Oshawa CMA also includes Whitby and Clarington. According to a HuffPost article, Oshawa is one the best cities to move to for those moving out of Toronto to surrounding communities. Oshawa ranked fifth and was the only Durham Region municipality to make the list.
“As people continue to work from home, there is a growing desire for houses with more space and outdoor amenities,” said Watson. “We are seeing a shift in families moving from cities to rural areas and small towns. Durham Region has a wide variety of housing options and remains an ideal location for individuals and families leaving the GTA.”