Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,090 residential transactions in September 2016, a 10 per cent increase from the same time last year. “The balance between supply and demand for homes is very tight,” stated O’Donohue. There were 1,556 new listings in September 2016 compared to 1,488 in September 2015.
“Durham Region has seen substantial growth in prices and sales demonstrating strong demand,” added O’Donohue. The average selling price in Durham reached $555,054 last month. In comparison, the average selling price was $438,462 during the same period last year; a 26 per cent increase.
Homes have continued to sell quickly in an average of 12 days compared to 18 days last year. “When navigating through the market, whether it’s hot or not, it’s always important to enlist the services of a qualified professional,” says O’Donohue. “Durham REALTORS® work where you live, providing immediate value comprehension when purchasing or selling a home.”
Finance Minister Bill Morneau recently announced that the federal government is taking steps to ease emerging risks in Canada’s housing market with new measures to slow foreign purchasing and tighten eligibility rules on prospective borrowers.
“We are encouraged that the federal government has taken a restrained approach as recommended by the Canadian Real Estate Association (CREA),” said O’Donohue. “Our members are supportive of rules being followed and efforts to ensure that the same tax rules apply to everyone.”
“Durham Region Association of REALTORS® will continue our government relations outreach by meeting with local elected MPs and MPPs to express our members’ views with the objective of emphasizing how housing markets differ throughout the province,” said O’Donohue.