Durham Region Association of REALTORS® (DRAR) President Dennis Roberts stated that the 2017 year-to-date value of all home sales in Durham Region totalled over $6.9 billion in dollar volume, a 3 per cent increase from 2016. “This is a direct reflection on Durham Region’s economy today,” said Roberts.
The average selling price as we finished the year in December is $575,064, just under a 1 per cent increase from the $574,901 average selling price in November. December also saw a slight increase over the average of $570,957 during the same period in 2016. The market remained balanced in Q4, as it had corrected itself out in Q2 (April 2017) with the average selling price of $702,768. “Durham finished year end with a balanced market, which is good for both buyers and sellers,” said Roberts.
Inventory of new listings in Durham increased to 711 in December 2017; this represents a 73 per cent increase from the 411 in December 2016. Roberts also reported 545 residential transactions in December 2017, up slightly from 528 in December 2016.
As of January 1, 2018 the new rule of the mortgage stress test will take effect and be applied to new uninsured and insured mortgages. This stress test has been put into place to ensure that the borrower will be able to pay the loan, especially if interest rates become higher. “We are waiting to see how this test will impact buyers in the market.” Stated Roberts.