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Hot July in Durham Region Real Estate
In July 2016 there were 1,200 home sales in the Durham Region, as reported through the Toronto Real Estate Board. This was less than 1% higher than July of last year. Of the eight municipalities that make up Durham, Oshawa led the way with 28.8% of the sales and easily beat Whitby's 18.9%. On a wider scale, there were 9,989 total home sales reported through TREB. Just short of 10,000 transactions, this was the best result on record for the month of July.
In the Durham Region the number of new listings entering the market in July 2016 dropped year-over-year by 3.4%. Thus far every month in 2016 has seen fewer new listings than the same month in 2015. The Greater Toronto Area has also felt a shortage.
”Unfortunately, listings for single-detached and semi-detached houses and townhouses continue to be in short supply. The result has been an increase in pent-up demand and annual rates of price increases well above the rate of inflation. Housing policy is now top of mind for all levels of government. Policy makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the GTA," said TREB President Larry Cerqua.
The average home price in Durham Region for July 2016 was $547,496, up 22.2% from July of last year. For the GTA, the MLS® Home Price Index (HPI) Composite Benchmark rose by 16.7% in July 2016 compared to the same month in 2015. Likewise, the average selling price for all home types combined was up by 16.6% year-over-year to $709,825.
“As long as very strong buying intentions are up against an extreme shortage of listings, expect home price growth to greatly outpace the rate of inflation," said Jason Mercer, TREB's Director of Market Analysis.