Durham Region Real Estate Information:
2015 is off to a fast start for the Durham region. In fact, in January alone, residential transactions went up 5.8 percent. Plus, there was an increase in actual listings that entered the market in the month of January 2015 which is up around 2.8 percent compared to the previous year. The President of Sutton Group Realty did mention that prices are still rising slightly due to the increasing demand and decreasing supply.
In fact, a lot of the buyers are first time buyers of property. Most people are coming from Toronto because they do not have land transfer tax which makes moving to Durham much more appealing. This year is looking to be one of the strongest years in the last decade with a lot of demand rising. Those that lost out on multiple offer situations in previous years are now back out in the market and looking to purchase property. The prices in the Durham area are actually doing very well and buyers are becoming increasingly sensitive about prices in the market.
Because the U.S economy is gaining traction and the Ontario manufacturing sector is rising and improving in regards to job creation, more buyers are expected to head to Durham and the region for better affordability. The average selling price of a home in the Durham region actually reached as high as $408,591 in the first month of 2015. The average home price has continued to increase at a rate of 3.2 percent year on year. Along with the higher prices, more homes are selling at a faster rate than they were the previous year around the same time. In the first month of the year, homes were averaging around 26 days before being sold. That is down significantly from 30 days in the previous year.
The price growth is expected to continue well into 2015. This, combined with low borrowing rates, housing is going to remain as affordable as ever throughout the entire region of Durham. This specific trend is further evidence that real estate is and remains a terrific investment and that the Durham region continues to remain hot and off to a wonderful start with a very promising forecast well into 2015.
Because of the strengthened economy – particularly in exports, further helped by an increasing U.S economy and lower Canadian Dollar in relation to world currency, more buyers are expected to enter the market after being shut out last year. All of this makes Durham a very attractive market to invest in. This is especially true when investors see the Highway 407 being built up, a lot of investors might be purchasing properties with this piece of information in mind.
The declining mortgage rates are also going to allow more people to have the means to get into home ownership. This will further improve the housing market as more buyers enter it throughout the entire year.
Ultimately, the housing market is typically a echo of the entire economy as a whole. When things are going very well, houses typically are flying off the market. Whereas, when the economy is doing poorly, houses tend to sit more often than not. The lower value of the Canadian dollar should have a positive effect on Ontario’s economy as a whole strengthening exports and the manufacturing sector. In the end, a strong job market is going to be beneficial for the housing market and anyone that is living and/or investing in the entire Durham region.
If you are planning on investing in property in the next year or so, you are going to want to look at the Durham region. It is one of the most attractive regions to invest in currently because of the market positioning. The average price of all home types in Durham was actually $449,837 in May, 2015. This marks an increase of around 15% compared to the same exact period of last year. As you can see, the potential is there and the growth has yet to hit it’s stride. It is a relatively safe investment to make because of the macro elements that should keep the market position very high due to the shift in the economy and the higher employment rates across the entire region.
Be sure to contact a local Durham association realtor in order to search for an open house or listings in your desired neighbourhood. You will want to visit www.dmandzuk.ca for more information on Durham region real estate. You should be able to find all kinds of information related to the market, houses available, and open houses. You will also find detailed contact information that you can utilize to talk to an agent to help with your search. Don’t miss out on an opportunity of a lifetime. If you are looking for the perfect home and/or investment opportunity, Durham region real estate might be it.