DURHAM REGION, July 2014 – Durham Region Association of REALTORS® (DRAR) President Jane Hurst announced a significant increase in residential sales reported in June. Sales were up 7.5 per cent from 1,093 last year to 1,175 in June 2014. The number of new listing also increased with 1,651 new listings in June, up 9.7 per cent from 1,505 last year. “The increased number of listings and sales made for an active housing market last month, with steady competition between buyers” added Hurst.
The average price of resale homes in the Durham Region reached $395,548 in June. “We saw the average price climb 9.5 per cent from last June which is significantly higher than annual inflation price growth” explained Hurst. Condominium townhouses saw the strongest rate of price growth in June with a 17.3 per cent increased average selling price compared to June 2013.
“Durham offers a large selection of home types with varying price ranges. That, along with affordable mortgage rates and a strong housing market makes for great investment opportunities in the Durham Region” stated Hurst.
Quentin D’Souza is the Chief Education Officer of the Durham Real Estate Investor Club. Author of The Property Management Toolbox: A How-To Guide for Ontario Real Estate Investors and Landlords and The Ultimate Wealth Strategy: Your Complete Guide to Buying, Fixing, Refinancing, and Renting Real Estate.