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Real Estate Market Update for February 2018
Durham Region Association of REALTORS® (DRAR) President Dennis Roberts reported 604 residential transactions in February 2018, a 28.5 per cent increase over the previous month, and a 9 per cent decrease compared to February 2017. February also saw a 26 per cent increase in the number of new listings in Durham 1,202, compared to the 954 reported in January 2018.
The average selling price in Durham Region reached $591,404 in February 2018. In the previous month the average selling price was $578,645. Durham Region leads the GTA with the most affordable townhouses according to the February 2018 year-over-year per cent change in the MLS® Home Price Index. “Amid the new mortgage ‘stress test’, home buyers may be looking at different home options and positively, Durham Region’s affordable townhomes and semi-detached homes are serving that demand.”stated Roberts.
"When TREB released its Outlook for 2018, the forecast anticipated a slow start to the year compared to the historically high sales count reported in the winter and early spring of 2017. Prospective home buyers are still coming to terms with the psychological impact of the Fair Housing Plan, and some have also had to reevaluate their plans due to the new OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs," said Mr. Syrianos.
The province’s proposal to implement a mandatory Home Energy Rating and Disclosure (HER&D) program would have required the home seller to conduct an energy audit before listing their home. The program would have also made it mandatory for REALTORS® to post the energy score on the MLS® listing. “Because of the efforts by Ontario REALTORS® the province has decided not to proceed with this program,” said Roberts. “This is a win for home sellers in Ontario.”
"As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year. Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments. This being said, listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability," said Jason Mercer, TREB's Director of Market Analysis.
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