How's the real estate market?

October, 2014. Greater Toronto Area Realtors® reported 8,051 transactions in September 2014. This result was up by 10.9 per cent compared to the same period last year. The average selling price during September for a resale home in the GTA was $573,676, an increase of 7.7 per cent compared to the average reported for September 2013. The average selling price year-to-date was $ 563,813 - up 8.5 per cent compared to the first nine months of 2013.

 

"Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales though the first nine months of 2014. This is evidence that GTA households remain upbeat about purchasing a home. The majority of home buyers purchase a home using a mortgage. The share of the average household's income dedicated to their mortgage payment remains affordable, which is why buyer interest has remained solid," said TREB President Mr. Etherington.

"If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales reported by TREB Members this year. On the pricing front, the multitude of willing buyers in the marketplace coupled with the short supply of listings will continue to translate into very strong annual rates of price growth in the fourth quarter," said Jason Mercer, TREB's Director of Market Analysis.

Durham Housing Market 

Within Durham Region, 970 residential home sales reported in September 2014, a 14.8 % increase compared to the 845 sales recorded during September 2013. The average sale price during the month of September was $401,713, up 13.6% compared to the average price reported in September 2013. The number of new listings that entered the market in September 2014 was 1,471 compared to 1,209 in August 2014. Property values continue to rise, people are still willing to buy and borrowing rates are low which keeps home ownership affordable.  Everything combined makes Durham Region a great place to work and live. There is definitely growing number of buyers coming from Toronto, who appreciate all of the amenities and value that Whitby, Ajax and Pickering provides for families.

 

If you are looking for a house in Durham Region or are already a homeowner and wish to move to a new house in Pickering, Ajax, Whitby, Brooklin, Oshawa, Courtice or Bowmanville, please contact me for more information.

Having sold real estate in Whitby and the Durham Region for over 20 years, I can help you with both - the buying and selling process. 

Randy Miller
Broker
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca
http://whitbybrooklinhomes.com/