The Vatandoust Sirrs Team Blog
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Durham Region Housing Market Report on September 2016
During September 2016, there were 1,090 homes reported sold in the Durham Region. This was 11% more than the sales from September 2015. September was the first month in 2016 where the number of new listings entering the market was higher than the same month in 2015. For the entire Toronto Real Estate Board there were 9,902 sales reported for September, 21.5% greater than the month last year.
The average sale price jumped up 26.6% in the Durham Region for September 2016 compared to the previous September, reaching $555,054 and showing the largest year-over-year increase for 2016. For all of TREB, the MLS® HPI Composite Benchmark increased by 18% compared to September 2015. The average selling price was up by 20.4% to $755,755. It's important to note that the MLS® HPI provides a price growth measure for a benchmark home, thereby allowing for an apples-to-apples comparison from one year to the next. The average selling price can be influenced by changes in both the variety of homes sold and market conditions.
While the number of sales was still greater than the number of active listings in September, the percentage of sales/active did drop from the high levels seen earlier in the year (up to 172.5%) to a lower 129.5%.
"The Toronto Real Estate Board will be closely monitoring how the recent changes to Federal mortgage lending guidelines and capital gains tax exemption rules impact the housing market in the Greater Toronto Area. While these changes are pointed at the demand for ownership housing, it is important to note that much of the upward pressure on home prices in the Greater Toronto Area has been based on the declining inventory of homes available for sale," said Jason Mercer, TREB's Director of Market Analysis.