Increase in home sales indicates further growth in Durham

The future of Durham housing market looks bright as home sales and prices in the region increase notably in 2016 and this increasing trend is projected to continue in 2017. The average home price in the region significantly increased by 20% to $527,285 while sales also rose from 10,910 to 11,700. Jackie Goodlet, a Whitby, Ontario broker stated homes in Durham Region are interestingly priced in comparison to Toronto and other markets.  The region is also luring investors from other hot markets facing low supply levels amid high demands. Moreover, Durham provides investors with a wider range of housing alternatives as there is an increase number of various home types being constructed in the area. The construction is in line with the regions plans to create affordable rent for people, increase on housing options in addition to creating strong and vibrant communities.

Home sales of condos, semi-detached home and townhouses were all up by 48%, 35% and 20% respectively from the previous year. It is also becoming evident that homeowners from the Greater Toronto Area are selling up their properties so that they can purchase luxury homes in Durham. A new home trend is smart home technology which gives owners the opportunity to control most aspects of the home with the press of a button. Another factor which is attracting more buyers to Durham is the improved transportation system. Recently the region expanded its 407 highway with an addition of the 412 and 418 highways. There are also plans for the expansion of the GO train.

The improvement in transportation makes it easier for buyers to access the area and also connect to other regions for employment.

According to Goodlet, even though buyers from Toronto are attracted to Durham by the aforementioned factors, Durham will continue to lure in more buyers as there are other economic gains that are very appealing to buyers.