The Vatandoust Sirrs Team Blog
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March & Q1 in Durham Region & the GTA
For the first quarter of 2016, home sales reported for the Durham Region were up 8.3% from Q1 of 2015. For just the month of March the rise was less, with 1,166 sales yielding 7.4% year-over-year. For all of the Toronto Real Estate Board first quarter sales were up 15.8% over last year and March sales were up 16.2% from March 2015. At the same time new listings coming onto the real estate market dropped for both the Durham Region and the Greater Toronto Area compared to last year.
The Durham Region saw an average price growth of 13.8% in March 2016 from March 2015, though the price dropped slightly from February 2016. For all of TREB, the MLS(R) Home Price Index Composite Benchmark for this March was up by 11.6% compared to March last year. The average selling price for all home types combined was up 12.1% year-over-year in March and 13.6% in the first quarter.
"Demand was clearly not an issue in the first three months of 2016, regardless of the housing market segment being considered," said Jason Mercer, TREB's Director of Market Analysis. "The supply of listings, however, continued to aggravate many would-be home buyers. We could have experienced even stronger sales growth were it not for the constrained supply of listings, especially in the low-rise market segments. The resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year."