3 | durhamregion.com This Week | Thursday, April 28, 2022 What happensWhen your brain doesn't get enough sound? Your ears collect sound, but it's your brain that actually understands it. With hearing loss, there isn't enough sound information coming to your brain from your ears, or the quality of that information is too low. This makes it much harder for the brain to orient itself in your surroundings, and focus on what's important. That's why good hearing helps your brain stay fit throughout your life. Call today to book your no charge hearing assessment to learn about your hearing ability. *receive an in-office demo of oticon's BrainhearingtM technology. *Clinician to determine candidacy. We offer oticon's BrainhearingtM technology, which helps you to: Orient better in the full sound scene Focus more clearly on what you choose Improve your understanding of speech Reduce the effort it takes you to listen Improve your memory 1031 simcoe street north, oshawa, on. L1g 4W3 Funding Ministry of Health Assistive Devices Program, GM Green Shield, VAC,WSIB, ODSP, and MCSS funding available. receive up to $2500 off a pair of oticon's BrainhearingtM technology for a limited time. Call clinic today for details. 905-240-5055 www.deeganhearingclinic.com Proudly Family owned, local mattersPROUDLY FAMILY OWNED.LOCAL MATTERS Durham's median home prices have skyrocketed in the past year and the real estate industry is predicting continued, but slightly more moderate, growth. Released on April 19, the Royal LePage House Price Survey found the price of a home increased 25 per cent year-over-year in Canada in the first quarter of 2022. The aggregate price of a home in the GTA was 27.7 per cent, bringing the median price to $1.27 million in the first quarter. That's the highest year-over-year gain since Royal LePage began tracking aggregate prices. Broken down by housing type, the median price of a single-detached house was up 29.7 per cent in the GTA in the first quarter, clocking in at almost $1.59 million, and the median price of condos was up 21.7 per cent to $764,200. Although homes in Durham's largest communities remain lower than GTA averages, prices are rising faster than in the GTA overall. PICKERING Pickering had the highest median price for single-family homes in Durham communities at nearly $1.57 million in the first quarter. That's a 29.2 per cent increase from $1.2 million at the same time in 2021. At the time, Pickering was the only Durham community with median prices above $1 million for single-family homes. Ajax, Whitby and Oshawa have all hit that benchmark. The median price for condos in Pickering was $656,900, up 30.6 per cent. The aggregate price increase on all homes sat at 25.4 per cent in Pickering. AJAX The median price of a single detached home in Ajax jumped to just shy of $1.35 million in the first quarter. That's a 36.2 per cent increase over the same period in 2021, when it was $990,000. Royal LePage did not list aggregate prices for condos, but the median price of all homes sold in Ajax was $1.2 million, up 32 per cent. WHITBY The aggregate price of single-family homes in Whitby rose 43.1 per cent -- the biggest jump among Durham's large lakeshore municipalities -- hitting a median of $1.38 million in early 2022. That was up from $965,500 in the first quarter of 2021. At $736,200, the median price of condos rose 29.7 per cent and overall the median price of all homes in Whitby was up 34.2 per cent in the past year. OSHAWA Durham's largest city saw the median price of a single-family home topping $1 million, sitting at $1.08 million in the first quarter, up 33.3 per cent from the previous year. Condos in Oshawa were the most affordable option in Durham, with a median price of $543,700, but that figure was up 27.3 per cent. Overall the median price of homes in Oshawa rose 29.4 per cent and sat at $993,400. WHAT'S NEXT? Royal LePage is predicting more moderate growth at the end of the year in the GTA and forecasts a 16.5 per cent increase in median prices of all homes in the fourth quarter. CEO Phil Soper said his company had predicted a strong first half to 2022 and moderating prices later in the year. "Call it buyer fatigue or easing demand, these periods of uncomfortably high home price appreciation do run their course," he said. "We are seeing the first signs of moderation in some regions, as more inventory is becoming available and competition eases slightly." "The first quarter of the year was so strong, however, that we are bumping up our 2022 outlook. And, home prices will continue to climb in the months ahead as a result of our relentless low supply-high demand imbalance." Royal LePage does not expect Ontario's new housing policies to impact the market significantly. Regarding a temporary two-year ban on foreign buyers, Royal LePage does not anticipate the policy will provide material relief to potential homebuyers, as this group does not make up a significant portion of homeowners in Canada. In addition, recreational properties are exempt from the ban. ROYAL LEPAGE HOUSE PRICE SURVEY SHOWS BLISTERING GAINS REKA SZEKELY rszekely@ durhamregion.com NEWS The housing market has seen exponential rises in home values. Jason Liebregts/Metroland