april 2022 market report
APRIL RATE HIKES AFFECT HOT MARKET
DURHAM REGION, May 2, 2022 – The Durham Region Association of REALTORS® (DRAR) reported a 5% drop in new listings from last month signalling reaction from the Bank of Canada’s interest rate hikes over the last several weeks.
Higher borrowing costs, appear to have prospective buyers taking a more cautious approach with anticipated borrowing increases on the way. The housing market in Durham Region reacted with the number of transactions down both on a monthly and year-over-year basis, however new listings are almost equal to the previous year average. Dropping from an average $1.18 Million year to date, the selling price for a home in the Durham Region in April 2022 was $1,075,332.
“We are seeing a shift in the market with sales down 21.6% from last month and average selling prices cooling off by 6%. Expect to see further adjustments as borrowing rates increase and we adapt to new ways of living through the economic challenges that we have faced over the last 2 years.” said DRAR President Meredith Kennedy.
“We are seeing a shift in the market with sales down 21.6% from last month and average selling prices cooling off by 6%. Expect to see further adjustments as borrowing rates increase and we adapt to new ways of living through the economic challenges that we have faced over the last 2 years.” said DRAR President Meredith Kennedy.
DETACHED AVERAGE SELLING PRICE
1-YEAR TREND
(Oshawa, Whitby, Clarington)
Graphic representation of Detached average selling prices in Oshawa, Whitby, and Clarington for over a year (from December 2020 to April 2022). If you wish a custom evaluation of your area's trend, please contact us and we'd be glad to share it with you.
