Durham Region Association of REALTORS® reported 604 residential transactions in February 2018, a 28.5 per cent increase over the previous month, and a 9 per cent decrease compared to February 2017. February also saw a 26 per cent increase in the number of new listings in Durham 1,202, compared to the 954 reported in January 2018.
The average selling price in Durham Region reached just over $591,000 in February. In January of this year average selling price was just over $578,000. This indicates that Durham Region continues to experience a strong, balanced market.
Durham Region leads the GTA with the most affordable townhouses according to the February 2018 MLS® Home Price Index. “Amid the new mortgage regulations that came into effect January, home buyers may be looking at different home options and definitely Durham Region’s affordable townhomes and semi-detached homes are serving that demand.
As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year. Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments. This being said, listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability.