The Vatandoust Sirrs Team Blog
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August Market Watch 2017
Durham Region Association of REALTORS® (DRAR) President Roger Bouma reported 822 residential transactions in August 2017, a 9.75% increase over the previous month. Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,357 home sales through TREB’s MLS® System in August 2017. This result was down by 34.8 per cent compared to August 2016.
August also saw a 16.2% increase in the number of new listings in Durham (1,497), compared to the 1,288 new listings reported in August 2016. The number of new listings entered into TREB’s MLS® System, at 11,523, was down by 6.7 per cent year-over-year and was at the lowest level for August since 2010.
“We continue to experience a healthy balanced market,” said Bouma. “The average house price in August in Durham is $587,172, which is down 16.5% from the highs reached in April, but slightly higher (3%) than the previous month of $569,748 and an 8.3% increase over the same period last year. “The relationship between sales and listings in the marketplace today suggests a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels.” said Jason Mercer, TREB’s Director of Market Analysis.
“Home ownership continues to be a good investment,” said Bouma. “It remains the only investment that you can live in, raise your family and make memories, while ensuring a nice return over time.” He added, “Durham Region continues to be a great place to buy, offering some of the best real estate value in the GTA.”