The Vatandoust Sirrs Team Blog
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September Market Watch 2017
Durham Region Association of REALTORS® (DRAR) President Roger Bouma reported 835 residential transactions in September 2017, down 23 per cent compared to September 2016. However, this was a slight increase over the previous month. Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB's MLS® System in September 2017. This result was down by 35 per cent compared to September 2016.
September also saw an increase in the number of new listings in Durham (1,914), compared to the 1,556 new listings reported in September 2016. The number of new listings entered into TREB's MLS® System amounted to 16,469 in September – up by 9.4 per cent year-over-year.
The average housing price for September in Durham Region was $578,666, a slight decrease over the previous month, however an increase of 4.25% over the same period last year. Homes listed on the market continue to sell in an average of 23 days. Durham’s condo apartment continues to be strong, with sales up 16% compared to the same period last year, and the average sale price rising to $365,397, from the $314,839 reported in September 2016. The average selling price reported by TREB's MLS® System in September 2017 was $775,546 – up 2.6 per cent compared to September 2016. The MLS® Home Price Index (HPI) composite benchmark was up by 12.2 per cent on a year-over-year basis. A key reason for the difference in annual growth rates between the average price and the MLS® HPI composite is the fact that detached homes – the most expensive market segment on average – accounted for a smaller share of overall transactions this year compared to last.
“Polls indicate that buying intentions over the next year remain strong,” notes Bouma. “Durham Region is still one of the best places to live, work and play. We offer the best real estate value in the GTA.” Bouma added that with Metrolinx’s expansion plans of GO train service to our eastern corridors it will only improve the lives of residents making it easier for them to commute. The Bowmanville GO train extension will open four new stations (two in Oshawa, one in Courtice and one in Bowmanville) and will make living in the east even more palatable for residents.