There has been a 13% increase in the average home prices within the Durham Region .
In March 2015 the average selling price reached $430,291.00 When compared to last year in March 2014 the average selling price was $380,267.00. Low Interest rates Are keeping home ownership insight for many people and the low rates have also allowed many to make that “Move Up” to a larger more spacious home even with the increase In home prices.
(Print out the PDF above to check out the stats for the area you live in)
Townhouses remain the strongest growth sector across Durham Region with that sector accounting 15.3 % increase in value when compared to the same time
Another contributing factor to this growth is the lower than expected inventory levels. Combine that with the fact that there are more buyers in market place today than last year and
continued lower inventory levels are causing Buyers to compete (sometimes aggressively) in order to acquire a property of their dreams. The Competition between the buyers has also had
a strong affect on the market place, All you have to do is look at the average list to sale price for 2015 at 101% compared to 99% in 2014.
Durham Region is still experiencing a strong sellers market, however, with the summer months not too far off we can anticipate a leveling off in the market place, possibly making it a
good time for buyers to continue looking while everyone else heads off on summer vacations and to their cottages.
If you know of any family members or friends who are considering selling their home or purchasing a home please have them contact me and I will be happy to assist them and provide the
Research, Knowledge and Market Insight they need.
Durham Region is quickly becoming a very desirable place to be and Live! I can think of so many reasons why families are looking eastward from Toronto. The two very prominent reasons for this recent increase in demand are the fact that prices in the area remain very much in reach for many first time home buyers and move up buyers in the Toronto market. That combined with the extension of the 407 ETR out to Harmony Rd. in December 2015 will vastly reduce travel times into Toronto, Person Airport and other surrounding communities that now employ a great deal of people such as Mississauga, Vaughan and Richmond Hill.
In a recent article in the Port Perry Star I was surprised to see that the Township of Scugog which is where Port Perry is located, actually has the highest average selling price in Durham Region for 2015 so far at $596,201. The article also stated that Scugog township shot near the top of the list for single detached homes with an average cost of $614,000 second to Pickering with an average selling price for a single detached home at $615,000.
There are many factors that will influence average prices; Overall population and the type of housing available to buyers in those cities, communities or towns will have a major impact. Take for example Oshawa which has a greater mix of housing types with Semi Detached, Townhomes, Condo Apartments and Single Detached homes compared to a town such as Uxbridge or Port Perry where the resale market is dominated by larger Single family detached homes and not a lot of Townhomes or Semi Detached homes available for buyers.
The article also went on to talk about current inventory levels not being at the same level as demand from buyers, which results in a bit of sellers market. Even though there was a 6% increase in the number of residential transactions so far in 2015 demand from Buyers still outstrips the current inventory levels. Many buyers who have been involved in multiple offers will remain in the market and will probably be even more active once this cold and snow is gone. Many industry leaders across the region are pointing to the economy (lower Interest rates), the lower Canadian Dollar and strengthened exports to continue fueling better job possibilities which will in turn continue to drive this very active real estate market.
OPEN HOUSE SATURDAY AND SUNDAY, August 9th and 10th from 2 – 4 p.m.
Simply Gorgeous Custom Built Home that has Just Over 3100 Sq Ft Of Fantastic Living Space
Join us this weekend and preview a simply gorgeous home in Port Perry at 435 MacDonald (MAP). On Saturday and Sunday we will be hosting an Open House and this will be your opportunity to look around this home and see how inviting the layout is and just how much space there is to raise your family. You will also be amazed by the huge Pool Sized lot See below for a few of the highlights of this home.
4 Large Bedrooms
5 Bathrooms (Each Bedroom has an En-Suite or Shared “Jack and Jill” En-Suite).
Juliette Balcony in Master Bedroom
Large Open Concept Master Bathroom
Separate Shower and
Huge Whirlpool Tub!
Home has Built in speakers throughout – Fill your home with music
Simply Spectacular Home on a Majestic Corner Lot Set In The Wonderful Enclave Of Homes In Castle Harbour. This is an All Brick Ranch Style Bungalow with a an over-sized 2 Car Garage & Direct Access To The Home.
Gourmet Chef Inspired Kitchen With Soapstone Counters And High End Stainless Steel Appliances. 2+2 Bdrms with the option to convert back to 3 Bedrooms upstairs. Exceptional 5Pc Main Bathroom With a Separate Shower And Claw-foot Tub. This Home Has So Many Improvements And Upgrades-Don’t Miss The Opportunity
Buying a home is one of the biggest decisions you can make in your life.
It can be an exhilarating experience, but it can also at times be overwhelming and very confusing. There are a lot of preparations to make and costs to plan for. I can help walk you through the entire process step by step in order to alleviate some of the confusion and misconceptions.
My Goal is to help you learn:
How to get pre-approved for a mortgage.
An understanding of how important being pre-approved is
Tax Credits you might not know about.
Steps to finding your dream home.
Establishing a great relationship with a professional Real Estate agent (Me).
A few weeks ago I was speaking to some clients and customers about moving up to larger more spacious homes. Most wanted to however there was common thread among everyone for not wanting to make the move right now and that was “it seems larger homes are increasing in value so much quicker”. This may be true but it is a bit of a misconception – it seemed larger homes were increasing quicker because that is what they are focused on right now. Most people are only looking at the homes they would like to move up to and not the values of the homes they are in. Having uncovered this little nugget I thought it would be cool to do some research for some of those people. Most people I spoke to are currently living in smaller Townhomes so i picked a street that is made up of entirely townhomes and ran some numbers from 2010 to today.
Here is what I found out:
Street “A” Located in North Oshawa – 3 Bedroom + 3 Bathroom Town-Homes with roughly 1500 – 1600 square feet
2010 Average Sale Price $233,250 with the highest sale being $258,000
2011 Average Sale Price $239,480 with the highest sale being $247,900 – Based on Average Sale price that is an increase of only 2% from 2010 to 2011
2012 Average Sale Price $264,633 with the highest sale being $274,900 – Based on Average Sale price that is anincrease of 10% from 2011 to 2012
2013 Average Sale Price $294,378 with the highest sale being $319,500 – Based on Average Sale price that is an increase of 11% from 2012 to 2013
That is an amazing increase in just 4 years – I am not sure if any standard investments have performed as well and provided that much of a return. At the low end of the spectrum there is potentially $61,128.00 worth of equity in your home. Not to mention most Canadians are very responsible in paying down their mortgages which means there might be even more equity available that will allow them to move up to the larger and more spacious home or acquire a home in the neighbourhood they have always wanted to be in, the one with the mature trees lining the street with great schools and with walking distance to all amenities.
If you are interested in finding out more about the street you live on or the neighbourhood you call home, please feel free to give me a call and I can provide the same level of research that will help you with your own decisions. Deciding to buy and or sell is a huge decision and should be made when you have all of the most relevant information you can obtain. Being well informed can save you thousands of dollars!
If you or someone you know is considering buying a home or selling their own home please have them contact me I would be happy to help with all of their real estate needs!