The Vatandoust Sirrs Team Blog
Read what's happening in the local real estate market, get tips for home owners, buyers, and sellers, find out community news, and more.
2016 Starts Off Strong for Durham Region Home Market
Durham Region Association of REALTORS(R) (DRAR) reported 508 residential transactions in January 2016, which was about the same as the previous January. However, new listings coming on the market dropped by 10.9%. For the Greater Toronto Area (GTA), REALTORS(R) reported 4,672 residential transactions in January 2016 through the Toronto Real Estate Board (TREB). This result represented an 8.2% growth over January 2015.
The average selling price for Durham Region homes in January 2016 was $446,117, showing a 9.2% increase from January 2015. The MLS(R) Home Price Index Composite Benchmark Price for the GTA in January 2015 was up by 11.2% year-over-year.
"It is clear that the handoff from 2015 to 2016 was a strong one," said TREB President Mark McLean. "This is not surprising given that recent polling conducted for TREB by Ipsos suggested 12 per cent of GTA households were seriously considering the purchase of a home in 2016." DRAR President Sandra O'Donohue explained, "Even with the robust price growth, we can see that buyers continue to view home ownership within the Durham Region as a great long-term investment."