The Vatandoust Sirrs Team Blog
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High demand and strong price growth for first half of 2016
In June 2016, REALTORS(R) reported 1,471 residential sales in the Durham Region through the Toronto Real Estate Board's MLS(R) System. This was only 3 sales more than June of last year and 1.8% higher than May 2016. The number of residential transactions for all of TREB in June 2016 was 12,794. That figure is 7.5% more than sales reported in June 2015.
The average price in Durham Region for June 2016 was $542,314, up 19.9% from last year's June and outpacing the growth of the Greater Toronto Area. For all of TREB, the MLS® Home Price Index Composite Benchmark increased by 16% on a year-over-year basis. The average selling price for all home types reported through TREB was up by a slightly higher annual rate of 16.8% to $746,546. The single-detached, semi- detached and townhouse market segments led the way in terms of price growth.
For the Durham Region, there were only 853 active listings for June, giving a ratio of 172.5% for sales to active listings. This is up from 157.4% in May 2016 and considerably higher than 112.7% in June of last year. “There is no doubt that demand is at a record level, but would-be home buyers continue to face an uphill battle against a constrained supply of listings, which has perpetuated strong price growth,” said TREB President Larry Cerqua.