Durham Region Association of REALTORS® News

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DURHAM REGION, July 6, 2011 – The Durham Region Association of REALTORS® reported 1,046 sales for the month of June, a slight increase from 1,040 in May. This represents a 13.7% increase from June 2010 when there were 920 sales.  

“At the mid-point of 2011 there have been a total of 5,057 sales which is a 7.6% decrease from the first half of 2010. However, this number is 1.4% higher than the 5 year average indicating that sales in the Durham Region remain stable” commented Dierdre Mullen, President of the Durham Region Association of REALTORS®.

The number of active listings is 2,119, down 2% since May and down 16.1% when compared to June of last year when there were 2,461 homes for sale.  This figure also represents a drop of 18.5% from the 5 year average.

“Even though the resale inventory is considerably lower than in previous years, we’re seeing a steady increase in the average selling price across the Region. The average selling price for June 2011 was $322,932 which shows a 2.2% increase from last month, a 6.1% increase from June 2010 and a 10.3% increase compared to the 5 year average. This trend suggests that Durham Region is in demand” said President Mullen.

Durham REALTORS®, We Work Where You Live.  To contact a local Durham Association REALTOR® for more specific and local housing statistics or search for a weekend open house or listings in your neighbourhood, please visit www.DurhamRealEstate.org.

The first time home buyer land transfer tax (LTT) rebate is out of date. Due to increasing home prices, the rebate no longer covers the average LTT bill for first time home buyers. Instead, they pay almost $1,500 in LTT after receiving the rebate.

REALTORS® believe that the first time buyers of today should not have to bear a heavier tax burden then previous generations. We believe that affordable home ownership is as important in 2011 as it was in 1996 when the LTT rebate program was first introduced.

From 1996 to 2010, the average price of a resale home in Ontario went up 120 per cent from $155,725 to $ 342,245. During the same period, the provincial government increased the LTT rebate by $275 or just 16 per cent. As a result, a first time home buyer today in Ontario pays $1,500 in LTT more than the previous generation on an average priced home after receiving the rebate.

REALTORS® are therefore urging all candidates running in the 2011 Ontario Election to support increasing the LTT rebate for first time home buyers from $2,000 to $3,500. This would return fairness to the LTT rebate program and allow present day first time home buyers to enjoy the same tax savings as buyers in previous years.

The Ontario LTT is paid on top of other closing costs such as legal fees, moving expenses, home inspection fees and mortgage insurance. Together, these closing costs eat away at a purchaser’s down payment, increasing the size of their mortgage principal. 

The tax punishes young first time home buyers in particular because they pay the majority of their closing costs out of their own pocket, not from the proceeds of a previous home sale. As a result, closing costs, such as LTT, prevent some first time home buyers from entering the market altogether.

As a working REALTOR® I know the dream of home ownership among young Ontarians is as strong as it has ever been. Returning fairness to the LTT rebate program will go a long way towards ensuring that dream continues to flourish.

Dierdre Mullen, President
Durham Region Association of REALTORS®
(905) 723-8184

DURHAM REGION, June 3, 2011 – Durham REALTORS® reported 1,040 sales for the month of May, an increase of 9.6% over last month and represents a small increase of 1.3% over May 2010.

The average selling price in Durham Region for May was $316,057 down slightly from last month when we saw an average selling price of $321,042. However, when looking at the historical data, the average selling price of houses in the Durham Region has been steadily increasing over the last 5 years. This month’s average represents an 8.6% increase over the 5 year average.

“Durham Region is becoming more desirable to consumers because it offers affordable family living,” said President of the Durham Region Association of REALTORS®, Dierdre Mullen.

Compared to April the number of active listings is up by 6.3% to 2,162 homes for sale; however this is still a 16.8% reduction in the resale inventory over this time last year which offered 2,600 available listings.

“The spring market is starting to bloom. Houses are on the market for an average of 29 days and are selling for an average of 98% of list price. We expect to see a proportionate increase in the number of available listings and sales through the early summer,” said President Mullen.

Durham REALTORS®, We Work Where You Live.  To contact a local Durham Association REALTOR® for more specific and local housing statistics or search for a weekend open house or listings in your neighbourhood, please visit www.DurhamRealEstate.org.

DURHAM REGION, June 2, 2011 – The dream of home ownership in the province of Ontario is alive and well. A recent poll conducted by market research firm Ipsos Reid found that 70 per cent of provincial renters have plans to buy a home. They know that investing in home ownership makes sense for their financial future and their families.

The same poll, unfortunately, revealed that an alarming 86 per cent of Ontarians believe that home ownership will be more difficult to attain for future generations. Moreover, 81 per cent report that owning a home now is more difficult than it was in their parent’s generation.

As REALTORS®, we know from firsthand experience how important home ownership is to the people we work for, the communities we live in and the province we call home. That’s why we’re urging all local candidates running in the October 6, 2011 Ontario Election to commit to strengthening the affordability of home ownership. 

But what can the provincial government do to support home ownership in Ontario?

REALTORS® are recommending three initiatives. First, make it more affordable for first time home buyers to buy a home. REALTORS® propose that the provincial government improve the Land Transfer Tax rebate for first-time home buyers so that it effectively exempts them from paying any tax on their first home purchase.

Second, make home repairs and maintenance more affordable. REALTORS® propose that the provincial government introduce a permanent Ontario Home Renovation Tax Rebate. A home renovation rebate would create jobs and give home owners an added incentive to use a professional contractor who pays taxes and maintains liability insurance.

Third, help home owners cope with rising energy costs. REALTORS® propose that the provincial government reintroduce the Ontario Home Energy Efficiency Retrofit program which provided home owners with rebates against the cost of energy efficient upgrades and renovations.

Together these policies will make buying, maintaining and owning a home more affordable. When you consider how much home ownership matters they make good sense.

Dierdre Mullen, President

Durham Region Association of REALTORS®

Durham REALTORS® We Work Where You Live.  To contact a local Durham Association REALTOR® for more specific and local housing statistics or search for a weekend open house or listings in your neighbourhood, please visit www.DurhamRealEstate.org.

Average House Prices On The Rise

DURHAM REGION, May 6, 2011 –The resale housing market in Durham Region remained stable through April with 949 sales through the Multiple Listing Service®, a reduction of 3.26% from March’s 981 and reflects a further drop from the record high of 1185 sales in April of 2010. President of the Durham Region Association of REALTOS®, Dierdre Mullen commented that “This number is only slightly lower than the 5 year average of sales for the month of April”.

The good news for home owners/sellers is that the average price in April was $321,042 up 6.4% from $301,668 in March and also is a full 5.4% higher than April, 2010’s $304,436.

The number of available listings on the MLS® system continues to rise, offering a total of 2033 homes for sales, up 6.3% from 1912 last month but down 16% from 2426 on the system at the same time as last year.

“While the spring market has been slow developing, now that the Federal election is over and weather conditions are improving we expect sales to remain balanced through the spring”, said President Mullen.

Durham REALTORS® We Work Where You Live.
To contact a local Durham Association REALTOR® for more specific and local housing statistics or search for a weekend open house or listings in your neighbourhood, please visit wwwDurhamRealEstate.org.

But majority of Ontarians concerned that home ownership will be more difficult in the future

TORONTO, April 20 /CNW/ – The dream of home ownership is alive and well among Ontario renters, with 70 per cent reporting that they would like to buy at some point in the future, according to a poll released today by the Ontario Real Estate Association (OREA).

However, the poll also revealed that 81 per cent of Ontarians believe it is more difficult to own a home now than it was for their parents, and 89 per cent of Ontarians in general are concerned that home ownership will become even more difficult in the future.

“We have an obligation to protect the affordability of home ownership for future generations,” said Barb Sukkau, President of OREA. “From its impact on job creation to the healthy and stable environment it provides for raising a family, home ownership matters to people, communities and Ontario.

Over half (54 per cent) of renters cited affordability as a key reason for not owning a home and 70 per cent surveyed indicated they would be more willing to consider owning if the government offered more tax breaks and incentives to offset costs for first time buyers.

“Today’s poll is compelling evidence that a majority of Ontarians are concerned about the affordability of home ownership for themselves and future generations,” said John Wright, Senior Vice President of Ipsos Reid.

Home owners also report higher levels of civic engagement. The overwhelming majority (82 per cent) of Ontario home owners have donated to charity in the last two years; home owners are much more likely to say they voted in the last municipal election than renters; and 35 per cent of owners say they have volunteered in their community.

“Support for home ownership means support for strong communities and a better Ontario,” said Sukkau.  “We are urging all political parties in the 2011 provincial election to commit to making home ownership more affordable for Ontarians.”

OREA is proposing three policy initiatives to strengthen home ownership in Ontario:

• An improved Land Transfer Tax (LTT) Rebate for first-time home buyers. OREA estimates that an improved LTT rebate would save a first-time buyer of an average resale home almost $1,500.
• A permanent Ontario Home Renovation Tax Rebate. A renovation tax rebate would create jobs and curb the growth of the underground economy.
• Reintroduce the Ontario Home Energy Efficiency Retrofit Rebate program. Investments in home energy efficiency will help home owners cope with rising energy costs and curb greenhouse gas emissions.

Other survey highlights included:

• 94 per cent of Ontarians think that owning a home provides a healthy and stable environment for raising a family.
• 93 per cent of home owners want taxes on buying a home lowered.
• 95 per cent of home owners think that the government should provide incentives to reduce their energy costs.
• 94 per cent of homeowners believe that the government should encourage home-renovation through tax credits.
• 48 per cent of Ontario homeowners believe that home repairs/maintenance are the hardest parts of home ownership.

The survey was conducted by Ipsos Reid for OREA’s Home Ownership Matters campaign. For more information visit www.homeownershipmatters.ca.

OREA represents 50,000 brokers and salespeople who are members of the 42 real estate boards throughout the province.  Members of the association may use the “REALTOR®” trademark, which identifies them as real estate professionals who subscribe to a high standard of ethics and service.

The findings of the Ipsos Reid online poll conducted February 23 to March 2, 2011 among 1,519 Ontario adults can be obtained from Ipsos Reid at http://www.ipsos-na.com/news/. A survey with an unweighted probability sample of this size and a 100% response rate would have a margin of error of +/- 2.5 percentage points, 19 times out of 20.

For further information:

DURHAM REGION, April 5, 2011 –The Durham Region Association of REALTORS® reported 981 sales of homes during March, a 5% increase from 653 sales in February and is only down 1.1% from 1110 sales in March of 2010 when consumers were concerned about purchasing before the HST was implemented. The average number of sales in March over the past 5 years was 916 so 2011’s spring market is in line with previous years.The average selling price for March of $301,668 was virtually the same as in February and reflects a slight 1.4% drop from March 2010’s $306,140.

The inventory of homes on the market increased by 16.5% to 1912 listings on the MLS® System from 1640 in February, a drop of 10.3% from 2132 listings in March of last year.

“Homes in Durham Region are very affordable compared to the Toronto market and with the improving economic conditions, we’re expecting the spring market to remain relatively strong, said Durham Region Association of REALTORS® President Dierdre Mullen.”

Durham REALTORS® We Work Where You Live.

To contact a local Durham Association REALTOR® for more specific and local housing statistics or search for a weekend open house or listings in your neighbourhood, please visit wwwDurhamRealEstate.org.

DURHAM REGION, March 8, 2011 –Home sales in Durham Region climbed by 29% from 505 in January to 653 in February reported Dierdre Mullen, President of the Durham Region Association of REALTORS®. This still represents a reduction of 20% from 819 sales in February of 2010 when there was a rush on to purchase before the implementation of HST.

The average price for February of $301,855 was virtually the same as January’s yet also reflects a 5% increase from $286,635 last February.

Listings available on the Multiple Listing System® (MLS®) remain relatively low at 1640. There are 13.7% more homes for sales since January (1415) but when compared with February 2010’s 1716, the inventory is still 4 percent lower.

President Dierdre Mullen commented that “With sales activity on the rise and home prices stabilizing since last autumn, we expect sellers who hesitated to get into the market in 2010 to list their properties in 2011. With sales and new listings increasing in tandem, the market has remained balanced.”

Durham REALTORS® We Work Where You Live. To contact a local Durham Association REALTOR® for more specific and local housing statistics or search for a weekend open house or listings in your neighbourhood, please visit wwwDurhamRealEstate.org.

AVERAGE SELLING PRICE BY HOUSING TYPE ($)