The Vatandoust Sirrs Team Blog
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Real Estate Market Update for March 2018
Durham Region Association of REALTORS® (DRAR) President Dennis Roberts reported 846 residential transactions in March 2018. This result was down by 30 per cent in comparison to a record 1,349 in March 2017. March 2018 saw the number of new listings in Durham increase to 1,755 a significant 46 per cent increase from February 2018. “Following a tough winter as homebuyers adjusted to the new mortgage qualification rules."
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,228 residential transactions through TREB's MLS® System in March 2018. This result was down by 39.5 per cent compared to a record 11,954 sales reported in March 2017 and down 17.6 % relative to average March sales for the previous 10 years.
The average selling price in Durham reached $598,412 in March, a 12 per cent decrease in comparison to the market at this time last year. Last March was the peak of the housing market, before the government announced their Fair Housing Plan in April 2017.
Durham Region leads the GTA with the most affordable single-family detached homes according to the March 2018 MLS® Home Price Index. “Homebuyers are recognizing the affordability of Durham Region.” Stated Roberts. Durham also continues to lead the GTA with the most affordable townhouses according to the Benchmark Home Price Index.
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