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Durham Region home prices strongly up from fall 2015
REALTORS(R) reported 1,096 Durham Region sales through the Toronto Real Estate Board's MLS(R) System in October 2016. This was 10.8% higher than October 2015, and much higher than the 4.2% year-over-year growth in the number of new listings that entered the market. On a wider scale, Greater Toronto Area REALTORS® reported a record of 9,768 sales through TREB's MLS® System in October 2016, an increase of 11.5% compared to October last year. Detached home sales rose 10% year-over-year, driven primarily by transactions in the regions surrounding Toronto.
"The record pace of GTA home sales continued in October, with strong growth observed throughout the month,” said TREB President Mr. Cerqua. “As we move through November and December, we will be watching the sales and listings trends closely, in light of the recent policy changes announced by the Federal Minister of Finance. TREB will once again be conducting consumer survey work, in order to report on home buying intentions for 2017."
The average selling price in the Durham Region was $564,989 in October 2016. This jumped up 27% year-over-year. For all of TREB the MLS® Home Price Index Composite Benchmark was up by 19.7% in October 2016 compared to October 2015. The average selling price for all home types combined was $762,975, up slightly more at 21.1%.
"New listings were up slightly in October compared to last year, but not nearly enough to offset the strong sales growth. This meant that seller's market conditions continued to prevail as buyers of all home types experienced intense competition in the marketplace,” said Jason Mercer, TREB's Director of Market Analysis. “Until we experience sustained relief in the supply of listings, the potential for strong annual rates of price growth will persist, especially in the low-rise market segments."