Homebuyers are recognizing the value that living in Durham Region brings forth, as Durham continues to offer one of the most affordable housing markets in the regions neighbouring Toronto. Key development and infrastructure highlights from the last year include the expansion of the 407, new GO rail service introducing a 20-kilometre extension of the Lakeshore East GO line by 2024, and Durham's Bus Rapid Transit (BRT) ... a series of curbside bus lanes along Highway 2 through Pickering and Ajax. These are just some of the examples that are making commuters and professionals alike flock to Durham. Having shopping and entertainment in close proximity, being minutes from Lake Ontario, to farmland in a 15 minute drive, the unique value of Durham is revealed through the continuing housing price increase.
Durham Region Association of REALTORS® (DRAR) President Roger Bouma reported 1,349 residential transactions in March 2017, a 16% increase from the same time last year. March also saw the number of new listings in Durham increase to 1,800, significantly up from 976 new listings the previous month, and higher than the 1,474 new listings in March 2016. “While strong demand continues to drive our market in 2017, it is interesting to finally see inventories increase” stated Bouma, adding “this increased selection might entice more buyers to look at Durham.”
The average selling price in Durham reached $697,896 last month. In comparison, the average selling price was $489,755 during the same period last year; a 42.5% increase. “Homebuyers are recognizing how great the quality of life is in Durham Region,” said Bouma. “Even with this astounding increase in value, Durham continues to offer one of the most affordable housing markets in the regions neighbouring Toronto.”
Homes have continued to sell quickly in an average of 7 days compared to 11 days last year. “There is a high demand to live on the east-end of the GTA,” said Bouma. ”