Durham Region Realty prices looking strong

house-prices-upAccording to sales figures published by the Toronto Real Estate Board for November, 2012, realty prices are continuing to be strong for the Durham Region. While a number of publications are focusing on slowing sales growth for Toronto and other Canadian cities, Durham shows a 6.59% year-over-year composite gain on average selling price, compared to only 3.86% in the City of Toronto.

Condominiums are a focus of negative reporting, with some actually showing a regional decline. For example, York Region saw a -0.42% drop in condominium sale price in November. Durham Region, however saw an increase in condominium prices of 3.69%, while the City of Toronto saw a gain of just 0.81%.

The numbers are even better when it comes to single-family detached homes. Durham Region saw a 7.05% gain over November, 2010 with an average selling price of $340,300. Whitby came in at +8.12% with an average of $382,600 and Scugog at +9.85% with an average selling price of $350,500. It's also important to factor in the impact of Toronto's Land Transfer Tax and tightened mortage rules which have impacted sales volume as buyers find it more difficult to qualify for financing. Fortunately, the Municipal Land Transfer Tax only applies in the City of Toronto.