Many people are curious and surprised by what is happening in the real estate market in their neighbourhood. Here is what is happening across the region:
Durham Region Association of REALTORS® (DRAR) President Roger Bouma reported 595 residential transactions in January 2017, a 17 per cent increase from the same time last year. “Strong demand and low inventory are a few key factors in the booming price growth in Durham Region,” stated Bouma. There were 735 new listings in January 2017, a 7 per cent decrease compared to 788 in January 2016.
“We’re seeing record highs in average selling price in January,” said Bouma. The average selling price in Durham reached $608,417 last month. In comparison, the average selling price was $446,117 during the same period last year; a 36 per cent increase. Homes have continued to sell quickly in an average of 15 days compared to 23 days last year. “This is a story that will continue to make headlines as strong price growth, short supply, and low interest rates continue in 2017,” said Bouma.
In the past 10 years, the Durham Region’s average selling price has more than doubled, from $257,850 in 2006 to $533,828 in 2016. “There is no doubt that the Durham Region will continue to grow as we enter 2017, we’re already seeing a dramatic increase from the same time last year.”
“The province-wide news that Durham Region will be receiving more funding from the gas tax program for transportation infrastructure is just another example of the great quality of life for families that live or wish to live in Durham,” said Bouma. Minister of Transportation Steven Del Duca announced on February 1 that Durham Region will be receiving approximately $10 million by 2019. “This news, coupled with the extension of the 407 east to the 115, the expansion of the GO Train, and the affordability of living, makes Durham Region one of the hottest markets in Ontario.”