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.
November Market Watch 2017
Durham continues to offer a balanced market where both buyers and sellers have the opportunity to complete the housing transactions without multiple offers, while still enjoying an increase in selling price over last year. November 2017’s average selling price was $574,901 which represents a slight increase over the same month in 2016 at $574, 694. The relaxed market is also supported by the number of days on market. The average days on market for November 2017 was 23 days, in comparison to November 2016 where it was only 13 days. Meanwhile Tim Syrianos states "We have seen an uptick in demand for ownership housing in the GTA this fall, over and above the regular seasonal trend. Similar to the Greater Vancouver experience, the impact of the Ontario Fair Housing Plan and particularly the foreign buyer tax may be starting to wane. On top of this, it is also possible that the upcoming changes to mortgage lending guidelines, which come into effect in January, have prompted some households to speed up their home buying decision."
“Durham Region is seeing development in residential, commercial, and land, as well as the development through transportation and technology projects, all in which is stimulating new investment interest,” says Roberts. “Durham Region is an affordable and prospering place to live.”
"Changes in market conditions have not been uniform across market segments,” said Jason Mercer, TREB's Director of Market Analysis. “In line with insights from consumer polling undertaken by Ipsos in the spring, we are still seeing seller's market conditions for townhouses and condominium apartments in many neighbourhoods versus more balanced market conditions for detached and semi-detached houses. We will have more insights to share about consumer intentions for 2018 at the end of January when TREB releases its third annual Market Year in Review and Outlook report."