November 9, 2016
Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,096 residential transactions in October 2016, a 10 per cent increase from the same time last year. “We continue to see a tight balance between supply and demand for homes,” stated O’Donohue. There were 1,327 new listings in October 2016 compared to 1,273 in October 2015.
“Prices are rising quicker in Durham Region than Toronto,” added O’Donohue. The average selling price in Durham reached $564,989 last month. In comparison, the average selling price was $444,920 during the same period last year; a 27 per cent increase. “The persistent increase is a direct reflection of Durham’s affordability and proximity.” Homes have continued to sell quickly in an average of 11 days compared to 18 days last year.
A new mortgage rate stress test was introduced in October to address long-term housing affordability and will be applied to all new mortgages that are insured. “The test is here to protect homebuyers should interest rates rise,” said O’Donohue. “A number of factors will determine whether they do, but the important thing is that you can afford your home comfortably. If you’re in the market to buy a home, the new test is there to ensure you can realistically afford your home should an increase arise.”
Durham REALTORS®, We Work Where You Live. To contact a local Durham Association REALTOR® or to search for a weekend open house or listings in your neighbourhood, please visit www.DurhamRealEstate.org
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(905) 723-7531
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