Toronto Real Estate Board (TREB) reported 653 homes sold in Durham Region in February compared to the record 819 homes sold in February 2010. The average price of homes in Durham Region for the same period was up by 5.31% compared to last February. The overall Greater Toronto home sales followed a similar pattern. In the GTA 6,266 transactions were reported through the TorontoMLS(R) system in February 2011. This result was 14 per cent lower than the record sales reported in February 2010. While not representing a record, February 2011 sales were 50 per cent higher than the number reported in February 2009 during the recession and slightly higher than the average February sales over the previous ten years.
Number of Homes Sold in Durham Region
The average selling price for February 2011 sales in Durham was $301,855, representing an increase of 5.3% compared to the average of $289,194 reported in February 2010.
"The average selling price is expected to grow at a moderate pace in 2011. Growth rates in the three to five per cent range will be sustainable from an affordability perspective," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Average Home Sale Price in Durham Region
"Continued improvement in the GTA economy, including growth in jobs and incomes and a declining unemployment rate, has kept the demand for ownership housing strong," said TREB President Bill Johnston.
Jason Mercer added, "Market conditions remain quite tight in the GTA. There is enough competition between home buyers to promote continued price growth."