12 Friday, October 21, 2022 brooklintowncrier.com Direct: 905 655 7236 Office: 905 239 4800 Eleanor KingEleanor King B. N. B. N. RealtorRealtor Maurice KingMaurice King B.E.D.S., B.Arch.B.E.D.S., B.Arch. RealtorRealtor What others are saying... "Trusted advisor!" | "Customer Focused!" | "Local Expert!" | "Professional!" | "Knowledgeable!" "Hard Working!" | "Accessible!" | "Dependable!" | "Patient!" | "Reliable!" "Well Prepared!" | "Honest!" | "Strong Negotiator!" "Superb Service!" Want to know what's happening in the market? Want to Know the Value of your House? Call Us Now! 905.655.7236 There is no cost or obligation! Your Trusted Source to Buy, Sell or Invest! 905.655.7236 view 1000's of Homes for sale at KingHomeTeam.com or KingOfBrooklin.com MARKETING YOUR HOME FOR ALL IT IS WORTH! Thinking of making a Move? Call us 905.409.6730We have Buyers! Rarely Offered! New Build Bungalow! Discover Contemporary Elegance. Unique Custom Design. Bright Open Concept Featuring Designer Kitchen! Huge Centre Island, Quartz, Backsplash, Pot Drawers, Pot Filler, Large Pantry. A Cupboard For Everything! 9 Ft Smooth Ceilings! Hardwood Throughout! Primary Bedroom Features Coffered Ceiling, Beautiful Light Fixtures, W/I Closet, 5 Pc Ensuite W/Heated Floors, Large Glass Shower, Freestanding Tub, Double Sinks! Quality Finishes & Upgrades Throughout! Main Floor Laundry/Mudroom With Built In Cabinetry & Garage Access! Basement Offers Finished Landing + Finished Bedroom /Office, 3 Piece Semi- Ensuite. Text 905.409.6730 for Details Handyman Special! New Construction Bungalow**! 2+1 Bedroom - 3 Bath Net Zero Pre-construction Sale! ** Photo similar to house to be built. Not intended to solicit those under contract. Supply remains an issue despite higher mortgage rates In early September, the Bank of Canada raised the interest rate to try to cool inflation. Despite higher mortgage rates, supply remains an issue and the average selling price in Durham Region has dropped just slightly. According to the Durham Region Association of Realtors (DRAR), the average selling price in September dropped 0.5 per cent from the previous month. It's encouraging that Durham hasn't experienced the substantial price decreases some industry experts predicted because it reflects the fact that our community is a desirable location.* On a year-over-year basis, the average selling price in September dropped 5.4 per cent to $915,027. A total of 662 homes exchanged hands last month - a 17.8 percent decrease from August. Though Durham saw fewer new listings in September, listings have been steadily increasing this month and the region is experiencing a balanced market. The average number of days on market in September was 18. That's double the days on market reported this time last year, which is good news for buyers and sellers alike. "An increase to the days on market is an advantage to both buyers and sellers as well as their realtors," DRAR President Meredith Kennedy tells us. "Real estate transactions are one the largest transactions for individuals and having time during the process for realtors to do their due diligence is imperative for a smooth transaction. An increase to the days on market allows for important steps, such as time for arranging home inspections and financing." Overall, prices in the Greater Toronto Area (GTA) have increased: $1,074,754 in July to $1,079,500 in August to $1,086,762 in September, according to the Toronto Regional Real Estate Board (TRREB). Sales reached 5,038 last month but were down 44.1 per cent compared to the same time last year. The MLS® Home Price Index Composite benchmark was up on a year over-year basis by 4.3 per cent. With new listings down quite substantially year-over-year and well below historic norms, some homebuyers may be experiencing tighter market conditions in some GTA neighbourhoods, TRREB notes. Let's look at the average selling price by region: Halton ($1,231,803), Peel ($1,044,385), Toronto ($1,061,876) and York ($1,246,490). Remember, the average selling price in Durham is $915,027. Here's the average selling price by municipality: Ajax ($894,975), Brock ($922,976), Clarington ($838,805), Oshawa ($820,885), Pickering ($978,943), Scugog ($1,091,648), Uxbridge ($1,189,136) and Whitby ($1,016,607). The King Home Team: Royal Heritage Realty understands that the changes that have taken place in the real estate market over the past months can be confusing. We also understand that higher mortgage rates will impact your budget. But that doesn't mean you should sit on the sidelines. We have experience successfully navigating every type of market and conduct thorough market research. We'll take the time to walk you through those changes as we help you find the home that ticks off as many of your boxes as possible, including budget and location. Whether you're planning to buy and/or sell, count on us to put our experience and knowledge to work for you! *Please visit our website at www.kinghometeam.com for more information about why Durham Region is such a desirable location and the benefits of a balanced market to buyers and sellers. For an update on the market and how it affects the value of your home when you sell, call us at 905.409.6730 The King Home Team was a pleasure to work with Maurice & Eleanor were great about guiding us in the right direction for both buying and selling our home. The personal touch we needed when it came to working with a realtor, was given to us in abundance. They never gave up and were very much in our corner. Maurice and Eleanor remained confident when we encountered challenges and always kept us on target. They are the ultimate professionals, and we highly recommend The King Home Team to anyone selling or buying a home. - Sincerely,R&B