According to MoneySense Magazine’s Best Places to Buy Real Estate list this year, Durham and Oshawa ranked 10th on the list, above 25 other cities, including two spots above Toronto. The ranking refers to the Oshawa census area, which includes Whitby and Clarington.
Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,445 residential transactions in May 2016. This represents an increase of 8.7 per cent compared to the same period last year. Durham has been one of the fasted appreciating areas in the country. With Phase 1 of the 407 East Project complete, General Motors announcing 1000 new jobs to be spread out amongst a number of GM research and development facilities in the Region, and the GO Transit East rail corridor extension in the works, it is no surprise that investors and buyers are flocking to the up and coming Durham Region.
“Home prices have shown strong year-over-year increases in the Durham Region,” added O’Donohue. The average selling price in Durham reached $531,051 in April. In comparison, the average selling price was $449,837 during the same period last year. “The 15.3 per cent increase demonstrates a continual upward pressure in pricing.”
More so, the continued increase in prices has caused homes to sell faster, selling in an average of 11 days compared to 15 days last year. “This is a healthy economic indicator,” explained O’Donohue. “Durham Region has poised substantial growth in prices and sales demonstrating strong demand dynamics.”