The Vatandoust Sirrs Team Blog
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Durham Region Housing Market in February 2017
Durham Region Realtors(R) reported 833 sales during February 2017. This was 1.4% lower than February 2016, though since 2016 was a leap year the number of sales per day was still up this year compared to last. For the broader Greater Toronto Area, REALTORS® reported 8,014 residential sales through Toronto Real Estate Board MLS® System in February 2017. This result was up on a year-over-year basis by 5.7 per cent compared to 7,583 sales reported last year.
While the demand for homeownership grew over the past year, new listings entered into TREB's MLS® System in February were down on a year-over-year basis by 12.5 per cent to 9,834. In Durham Region, new listings declined year-over-year by 7.3% from February 2016.
The average sale price for homes in the Durham Region for February 2017 was $665,005, showing a 35.7% jump from last year February! For the GTA, the average selling price was up by 27.7 per cent year-over-year to $875,983.
The shortage of listing supply we are seeing in the GTA has undoubtedly led to the double digit home price increases we are now experiencing. Until we see a marked increase in the number of homes available for sale, expect this strong price growth to continue.
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