| durhamregion.com | This Week | Thursday, December 15, 2023 | 20 THERE'S NO TIME LIKE NOW. Taking the first step towards better hearing is simple - start with a complimentary hearing evaluation.* We won't keep you waiting. With appointments available within a week, our goal is to get you back in the conversation as soon as possible. Speak with one of our hearing care professionals at a location near you. Finding your fit: Test out devices in one of our centres to see and hear what works best for you. Walk out the same day with new hearing devices. Give them a try for a week. If you're unsatisfied for any reason you can always bring them back. Book your complimentary evaluation today. | 1-866-623-3749 | HearCANADA.com *Complimentary hearing evaluations valid for those over 50. Not applicable on third party claims. Higher borrowing costs are dramatically affecting home sales in Durham Region. The Durham Region Association of Realtors (DRAR) noted the 564 transactions in November is a drop of 44 per cent from November of last year. DRAR also noted the number of sales reported in Durham fell 10.7 per cent on a month-over-month basis. DRAR president Meredith Kennedy said in a statement, "We are experiencing declining home ownership activity across all markets as a result of the borrowing costs. High borrowing costs after a period of historically low rates has had a massive impact on the market." "Although this is a shock, and we are seeing the declines right now; this is a short-term impact. We have to keep in mind the influx of immigration expected over the next few years and the lack of housing supply," she added. The number of new listings was 1,037 in November, compared to the 1,044 reported at this time last year, the association noted. As an example of how raising borrowing costs are impacting the market, the association said a home that sold in February 2022 with interest rates at 1.99 per cent has the same mortgage payment if it was sold in October 2022 for three hundred thousand dollars less with the higher rate at 5.25 per cent. DRAR chief executive officer Wendy Giroux said in a statement, "Durham Region is one of the fastest- growing areas in Canada with our population expected to almost double by 2041. With population growth trending upward and the high demand for home ownership east of Toronto, policy-makers need to focus on long-term solutions as opposed to continued rate increases. "We are in the midst of a housing supply crisis, there is simply not enough inventory to match the large demand. Our policy- makers must focus on solutions that tackle the lack of the supply now. The More Homes Built Faster Act is a positive start," Giroux added. The MLS Home Price Index Composite Benchmark was down 8.57 per cent at $929,000, the association pointed out. The benchmark price for a single family detached home in Oshawa was $880,000, representing a 7.60 per cent year-over-year decrease. The average price reported in November was $892,677, which is a 10.6 per cent decrease from this time last year. HIGHER BORROWING COSTS HAMMERING DURHAM REAL ESTATE SECTOR Higher borrowing costs are significantly affecting the real estate market in Durham Region. The Durham Region Association of Realtors said there's been a 44-per cent drop in sales in November over the same time last year. Metroland file photo BUSINESS