Market Update (March 2018)
Durham Region Reports An Increase In Transactions
Durham Region Association of REALTORS® (DRAR) President Dennis Roberts 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 $591,404 in February 2018. In the previous month the average selling price was $578,645. “There continues to be strong pricing with 98 per cent Sale to List Price (SL/PL) and a slight increase to the Sales to New Listing Ratio (SNLR) of 50.2 per cent in comparison to 49.3 per cent in January 2018,” said Roberts. “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 year-over-year per cent change in the MLS® Home Price Index. “Amid the new mortgage ‘stress test’, home buyers may be looking at different home options and positively, Durham Region’s affordable townhomes and semi-detached homes are serving that demand.”stated Roberts.
The province’s proposal to implement a mandatory Home Energy Rating and Disclosure (HER&D) program would have required the home seller to conduct an energy audit before listing their home. The program would have also made it mandatory for REALTORS® to post the energy score on the MLS® listing. “Because of the efforts by Ontario REALTORS® the province has decided not to proceed with this program,” said Roberts. “This is a win for home sellers in Ontario.”