The Durham Region Association of REALTORS reported 350 sales of single family dwellings in all of Durham Region in the first month of the year up from 265 sales last month. When comparing to January 2008, sales are down from 554.
The average price of a home in Durham Region was $257,095 from $262,710 in December with last January's average recorded at $268,923. "Prices are slowly correcting as a result of the economic slowdown," said Association President, Debbie Dawson. "Real estate is always a good investment and with mortgage interest rates the lowest in years it is definately a great time to get into the market."
The Multiple Listing Service (MLS) had a total of 2,324 listings in Durham Reion up from 2,137 last month. Listings on the system in January 2008 were 2,069.
"The changes recently announced in the federal budget will surley boost the confidence of Canadian home buyers, sellers and businesses in this economy," commented Dawson. "The increase of $5,000 to the Home Buyer's Plan up to $25,000, will assist first-time buyers with their down payment and the closing costs associated with purchasing a home. The payment and the closing costs associated with purchasing a home. The expansion of the ecoEnergy retrofit initiative; and the new tax credit for home renovations; will not only strenghten a soft housing market but will create jobs for skilled trades people, and associated businesses."