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Real Estate Market Update on August 2016 in Durham Region
REALTORS(R) reported 1,132 sales in the Durham Region through the Toronto Real Estate Board's MLS(R) System in August 2016, representing an increase of 15% over August last year. For the Greater Toronto Area, a record of 9,813 sales were reported for August 2016. This was 23.5% greater than the sales in August 2015 but this August had two more workdays than 2015. Since most transactions are reported on workdays this does skew the numbers higher.
"The conditions underlying strong demand for ownership housing remained in place, including a relatively strong regional economy, growth in average earnings and low borrowing costs," said TREB President Larry Cerqua. "Unfortunately, we did not see any relief on the listings front, with the number of new listings down compared to last year. This situation continued to underpin very strong home price growth, irrespective of home type or area."
The average sold price in the Durham Region for August 2016 was $541,863, which was 21.4% higher than August of last year. The MLS(R) Home Price Index (HPI) Composite Benchmark for August 2016 was up by 17.2% on a year-over-year basis. Likewise, the average selling price for all home types combined was up by 17.7% on an annual basis to $710,410.
In the Durham Region this past August, the number of new listings coming on the market fell 3% from August 2015 and the number of active listings fell 45.5%. "Population in the GTA continues to grow. The resulting growth in households coupled with favourable economic conditions and low borrowing costs means that we remain on track for another record year for home sales," said Jason Mercer, TREB's Director of Market Analysis.