The Vatandoust Sirrs Team Blog
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Durham housing market in January 2017
The first month of 2017 has continued the trend of last year, with growth in the number of sales and the average home sale price. In the Durham Region the number of homes sold through Toronto Real Estate Board's MLS System was 595, an increase of 17.1% from January of 2016. For the Greater Toronto Area, REALTORS® reported 5,188 residential sales in January 2017 which was up by 11.8% compared to the sales reported in January last year.
At the end of last month the number of active listings on TREB's MLS System for the Durham Region (351) was a little more than half of what it was at the end of January in 2016. The low supply helped drive up prices. The average sold price for homes in the Durham Region during January 2017 was $608,417. This represents a growth of 36.4% from a year ago. For all the GTA, the MLS® Home Price Index (HPI) Composite Benchmark price rose by 21.8% year-over-year in January.
“As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers who, according to a recent Ipsos survey, could account for more than half of transactions this year,” said TREB President Larry Cerqua. “However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory.”
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