Durham Region Reports Positive Signs In This “Hot Summer” Real Estate Market

Your June Market Update:

Durham Region Association of REALTORS® (DRAR) President Dennis Roberts reported 918 residential transactions in June 2018, a 6.87 percent increase from May 2018 and a 7.92 percent decrease from the same time last year. June also saw the number of new listings in Durham decrease month-over-month to 1,895, down from 2,247 new listings in May. The average selling price reached $610,728 in June 2018, a 2.22 percent increase compared to May 2018.

“After some adjustment to the new Office of The Superintendent of Financial Institutions (OSFI) stress test regulations and generally higher borrowing costs, the increase in sales over the last couple months is a clear indication that home buyers have started to get back into the market,” said Roberts.

“Durham Region continues to offer the best home value in the GTA. According to the MLS® Home Index and Benchmark Price, Durham continues to offer affordable housing options for buyers,” said Roberts. “Durham leads with the most affordable single-family detached, single-family attached, townhouses and apartments. For example, the benchmark price for a single-family detached home in Clarington is $546,700.”

“With a new provincial government at Queen’s Park and municipal election campaigns underway, Durham REALTORS® are continuing to ensure that home ownership, housing affordability and supply issues are top priorities for elected officials,” said Roberts.

The new Provincial Cabinet has plenty of representation from Durham Region. Peter Bethlenfalvy, the MPP for Pickering-Uxbridge, has been named the President of the Treasury Board. Ajax MPP Rod Phillips is the new Minister of the Environment, Conservation, and Parks. Laurie Scott, Haliburton-Kawartha Lakes-Brock MPP, was named Minister of Labour. Former Whitby MPP, now representing Newmarket-Aurora, Christine Elliott has been named the Minister of Health and Long-Term Care and Deputy Premier. Durham MP Lindsey Park was named the Parliamentary Assistant to the Attorney General.

Source: http://durhamrealestate.org/blogEntry.cfm?b=17166