The Vatandoust Sirrs Team Blog
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Real Estate Market Report on April 2017
Durham Region REALTORS(R) entered 51.8% more listings into the Toronto Real Estate Board’s MLS system during April 2017 compared with April of last year, with a total of 2,433 new listings. The broader Greater Toronto Area also saw a jump in new listings as REALTORS(R) entered 33.6% more new listings year-over-year.
Durham Region home sales rose somewhat to 1,485 last month, amounting to a 12.3% year-over-year increase from April 2016. On the other hand, the figure fell slightly for the total sales for the TREB market area. GTA sales were 11,630 – down 3.2% year-over-year. One factor was that Easter fell in April in 2017 versus March in 2016, meaning fewer working days in 2017 compared to last year and, historically, most sales are entered into TREB's MLS® System on working days.
"The fact that we experienced extremely strong growth in new listings in April means that buyers benefitted from considerably more choice in the marketplace,” said TREB President Larry Cerqua. “It is too early to tell whether the increase in new listings was simply due to households reacting to the strong double-digit price growth reported over the past year or if some of the increase was also a reaction to the Ontario government's recently announced Fair Housing Plan."
The Durham Region saw price growth of 35.1% in April 2017 compared to April 2016, reaching an average of $702,768. Thus far 2017 has had far higher year-over-year increases in prices than recent years. The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 31.7% for April 2017 compared with April last year. Similarly, the average selling price for all home types combined in the GTA was up by 24.5% to $920,791.