By Melissa Mancini
Last year was a better year for the real estate market than expected but in 2010 the region might see a summer slowdown.
“We expected at the end of 2008 that the market would be quite subdued,” said Dierdre Mullen, president of the Durham Region Association of Realtors.
The prediction turned out to be wrong, with the local resale market having its third best year on record, Ms. Mullen said.
The organization has been keeping records for at least 15 years, she said. The best two years so far were 2007 and 2004.
Despite being a better year than expected, the 2009 Durham real estate market did have its challenges. New listings were down 27 per cent, although they did rebound in the last couple months of the year, Ms. Mullen said.
For 2010, the current low interest rates mean many are looking to buy, she said.
Ms. Mullen said she expects there will be a sense of urgency in the market to get things done before the new HST takes affect in July.
“In the summer, there may be a slowdown,” she said.
Overall, Durham has the advantage of being one of the most affordable areas in Greater Toronto Area as far as housing goes, which is why many families come here to get more house for their dollar, Ms. Mullen said.
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