The Vatandoust Sirrs Team Blog
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July Market Watch 2017
Durham Region Association of REALTORS® (DRAR) President Roger Bouma reported 749 residential transactions in July 2017, a 25 percent decrease from June 2017. Greater Toronto Area REALTORS® reported 5,921 residential transactions through TREB's MLS® System in July 2017. This result was down by 40.4 per cent on a year over year basis, led by the detached market segment – both in the City of Toronto and surrounding regions.
July also saw the number of new listings in Durham decrease month-over-month to 1,906, down from 2,639 new listings in June, but higher than the 1,459 in July 2016. The Toronto Real Estate Board states the number of new listings reported were only slightly (+5.1 per cent) above last year's level.
“The last few months are a clear indication that we have returned to a balanced market,” said Bouma. “We continue to see values that are higher than the previous year in Durham Region.”. The average selling price in Durham reached $569,748 last month, a 7 per cent decrease from the $615,064 average selling price in June, but a 4 per cent increase over the average of $547,496 during the same period in 2016.
“Buyers and sellers seem to be assessing the impacts of Ontario’s Fair Housing Plan and the small increases in interest rates,” said Bouma. Adding, “We may also be experiencing a return to the traditional quieter summer market. I would not be surprised to see an uptick in activity after Labour Day”.
“Buyers continue to benefit from the opportunities to buy without multiple offers, while sellers continue to appreciate an increase in their home equity over the last year,” said Bouma, adding, “Durham Region still offers some of the best real estate value in the GTA.”