The Vatandoust Sirrs Team Blog
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October Market Watch 2017
Durham Region Association of REALTORS® (DRAR) President Roger Bouma reported 845 residential transactions in October 2017, a 23 per cent decrease from October 2016. However, this was a slight increase over the previous month. October also saw the number of new listings in Durham increase month-over-month to 1,698, up from 1,096 new listings in September, and higher than the 1,327 in October 2016. Toronto Real Estate Board President Tim Syrianos reported 7,118 residential sales through TREB's MLS® System in October 2017. This result represented an above-average increase between September and October of almost 12 per cent, pointing to stronger fall market conditions.
"We’re continuing to see an increase of average selling price year-over-year," said Bouma. The average selling price in Durham reached $575,602 last month, a slight decrease from the $578,666 average selling price in September, but a 2 per cent increase over the average of $564,989 during the same period in 2016. On a year-over-year basis, Syrianos states October sales were down compared to 9,715 transactions in September 2016. Total sales reported through the first 10 months of 2017 amounted to 80,198 – down from 99,233 for the same time period in 2016.
"The housing market in the GTA has been impacted by a number of policy changes at the provincial and federal levels. Similar to the track followed in the Greater Vancouver Area, it appears that the psychological impact of the Fair Housing Plan, including the tax on foreign buyers, is starting to unwind," said Jason Mercer, TREB's Director of Market Analysis.
“Durham Region continuously offers the best real estate value in the GTA,” said Bouma. “Buyers can benefit from opportunities to buy in a more relaxed market, without multiple offers, while sellers enjoy an increase in their home's value over previous years.”