I keep track of Durham Sales and Average Prices, month to month and year to year. It's nice to see how we compare to last year but I like to see the monthly trend:
March '20 there were 1101 Sales and Av. Price $656,211
April '20 dropped to 513 Sales and Av. Price $612,563
May '20, a slow come back to 770 Sales Av. Price $651,590
- It has taken us 3 years to come back to the Av. Price of May'17 of $652,963 but there were 1309 Sales then compared to May '20 of 770.
- This is almost 58 % less sales. Some economists call this a 'Frozen Market', the lowest level since May 1996.
- Now CMHC - government insurers for mortgages affecting mostly 1st Time Buyers - decided to increase their qualifying rules.
- Then, the banks dropped their rates which partially compensates for the expected 12% -18% price drop.
