The Vatandoust Sirrs Team Blog
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March 2017 Sizzling spring market
Durham Region Realtors(R) reported 1,349 sales during March 2017. This was 15.7% higher than March of last year. For the broader Greater Toronto Area, REALTORS® reported 12,077 residential sales through the Toronto Real Estate Board MLS® System in March 2017 - an increase of 17.7% compared to March 2016.
In the Durham Region, the number of new listings coming on the real estate market in March 2017 rose by 22.1% from last March, and outpaced the increase in sales. For the GTA, new listings increased 15.2% on a year-over-year basis, with the strongest growth in the detached market segment.
"It has been encouraging to see that policymakers have not implemented any knee-jerk policies regarding the GTA housing market,” said TREB President Larry Cerqua. “Different levels of government are holding consultations with market stakeholders and TREB has participated and will continue to participate in these discussions. Policy makers must remember that it is the interplay between the demand for and supply of listings that influences price growth.”
The average home sale price in the Durham Region for March was $697,896. This was 42.5% higher than the average price in March 2016. Strong competition between buyers continued to cause high levels of price growth in all major market segments. The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 28.6% year-over-year for the TREB market area as a whole.
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