The real estate market seems to have other ideas:
Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,132 residential transactions in August 2016, a 15 per cent increase from the same time last year. “Transaction levels are a true indicator for housing market health,” stated O’Donohue. There were 1,288 new listings in August 2016 compared to 1,328 in August 2015.
“We’re seeing continued increases in home prices over the summer months,” added O’Donohue. The average selling price in Durham reached $541,863 last month. In comparison, the average selling price was $446,311 during the same period last year; a 22 per cent increase. Homes have continued to sell quickly in an average of 13 days compared to 18 days last year. “Durham Region continues to be an appealing market for home buyers because of its strong economy and quality education, healthcare and social services within arms-reach,” says O’Donohue.
Following the introduction of a tax on foreign buyers in B.C., Vancouver home sales have dropped for the month of August while Toronto home sales topped records. “It’s too soon to tell if Durham Region will be affected,” said O’Donohue. “There are a lot of factors to consider when exploring buyer profiles: are the buyers moving into Durham Region for the first time? Were they considering moving here before?”
To build a better buyer profile, Toronto Real Estate Board (TREB) is planning to survey its members this fall on transactions over the last year. “By the end of the year, we’ll at least be able to give a better sense of what share of buying activities is attributable to foreign buyers versus domestic households,” said Jason Mercer, TREB’s Director of Market Analysis.
While prices in Toronto continue to soar, “waiting for home prices to fall in the Durham Region might not be the best idea,” advises O’Donohue. “If you can afford to purchase a home, it might be time to jump in.”