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Real Estate Market Update for May 2018
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Greater Toronto Area REALTORS® reported 859 residential transactions for Durham region in May 2018, down 7.6 per cent from the previous month. On a year-over-year basis, sales transactions are down 33 per cent.
In Durham Region, the average selling price reached $597,485 in May 2018. In comparison, the average selling price was $609,813 the previous month.
In May we entered a buyer’s market as the number of homes listed increased dramatically compared to the homes sold. There were 2,247 new listings in May 2018, compared to 1,908 in the previous month, buyers are benefitting from more choices in the Durham marketplace.
“It increasingly looks like the new stress test is causing more than just a temporary dip in housing market activity in the greater Toronto and Vancouver areas,” writes RBC senior economist Robert Hogue, in a recent note.
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