DURHAM REGION – While real estate market “plunges” and “corrections” are being reported all over the country, Durham Region is faring better than other markets. The Durham Region Association of REALTORS® (DRAR) reported total sales for the year at 10,549 which is a 7.6% jump over last year.
At the end of 2011 the average price of a home in the region was $317,024. This year that number is up by 5.6% to $335,991. “Not only have we seen the average prices in the Region rise but we’ve also seen a healthy increase in the number of sales this year. I expect that trend to continue in 2013,” commented Ian Smith, President of the Durham Region Association of REALTORS®.
“There is no question that the changes to mortgage rules have affected the real estate market, but not all markets are down. Low interest rates, continuous improvements to infrastructure, ease of transportation to and from the area and the affordability of homes in Durham Region continue to encourage growth,” added President Smith.
Quentin D’Souza is the Chief Education Officer of the Durham Real Estate Investor Club. Author of The Action Taker's Real Estate Investing Planner, The Property Management Toolbox: A How-To Guide for Ontario Real Estate Investors and Landlords, The Filling Vacancies Toolbox: A Step-By-Step Guide for Ontario Real Estate Investors and Landlords for Renting Out Residential Real Estate, and The Ultimate Wealth Strategy: Your Complete Guide to Buying, Fixing, Refinancing, and Renting Real Estate.