DECEMBER 2022 MARKET REPORT
DRAR REPORTS DECEMBER HOUSING STATISTICS
Durham Region Association of REALTORS® (DRAR) President Meredith Kennedy reported 380 residential transactions in December and a total of 9,875 in 2022. Residential transactions in Durham Region decreased by 33 per cent year-over-year. It is important to note, 2021 was a record year for residential transactions in Durham Region, for comparison, in 2019 Durham Region reported a total of 10,634 transactions.
“It is no surprise the market has slowed down the past few months after a strong start to 2022. The Bank of Canada increased interest rates seven times in the past year, directly impacting buyers and sellers without any changes to mortgage guidelines,” said DRAR President Meredith Kennedy. “We should continue to see the market adjust to the new conditions and level out during the rest of the winter months.”
The average price in Durham Region for all home types was $874,456, a 15 per cent decrease when compared to December 2021. The MLS® Home Price Index Composite benchmark was down 13.7 per cent in Durham Region at $918,400 in December.
“As we move into 2023 and buyers and sellers adjust to the current market conditions, we will see an up-tick in activity and should be able to fully see the impact of the borrowing cost increases in the spring market,” stated Meredith Kennedy.
Durham Region is one of the fastest growing areas in Canada and an ideal location for buyers. Despite the shocking interest rate hikes, the demand for homeownership remains strong and with the influx of immigration expected next year, it is imperative that policymakers remain focused on the supply issues we are facing.
DETACHED AVERAGE SELLING PRICE
1½ -YEAR TREND
(Oshawa, Whitby, Clarington)
Graphic representation of Detached average selling prices in Oshawa, Whitby, and Clarington for over a year and a half (from August 2021 to December 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.
