Durham Region Association of REALTORS® News

DURHAM REGION December 3, 2010 – The Durham Region Association of REALTORS® (DRAR) reported 661 sales in November, a 4% decrease from the previous month of October and 5% less than November 2009.
Although the number of available listings were not as high as earlier in the year, there were still 1,748 homes listed on the Multiple Listing Service® (MLS®) system in November, close to 10% higher compared to both November 2009 and year-over-year totals to date.
“This has been an exceptional year within the resale housing market and 2010 is lining up to be a record year” explains Dierdre Mullen, President of the Durham Region Association of REALTORS®. “While considering normal seasonal trends and the boom of the market at the beginning of the year, the second half of 2010 has remained very stable and has reverted back to a comparable pace to prior years.”
The average selling price for a November resale home transaction was $299,698 a decline of 2.2% from October’s reported $302,490. Year to date, the 2010 average selling price of $299,836 is 7.9% higher than the $277,842 of 2009.
“The average selling price of a resale home in Durham remains comfortably affordable for households earning the average income. This is expected to continue, with just moderate gains, into and through the upcoming New Year.”

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 – October 6, 2010 – The Durham Region Association of REALTORS® reported 707 sales through the Multiple Listing Service® (MLS®) in September 2010. Although 14% less than the September 2009 sales total of 825, these totals still result in 2010’s first three quarters of sales being 5.5% higher than the same period in 2009.
“With the record boom in sales we experienced in the early part of this year, the current lower than norm sales are unremarkable and anticipated,” commented Dierdre Mullen, President of the Durham Region Association of REALTORS®. “As the market continues to balance out, sales should remain steady with a healthy year-end result coming.”
The average price for a Durham resale home in September was $296,395 which is 5% higher than September 2009’s average cost and just shy of the 2010 year-to-date average selling price of $300,182.

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 – July 6, 2010 – The Durham Region Association of REALTORS® reported 920 sales through the Multiple Listing Service® (MLS®) during the month of June, a decrease of 17.5% from the record 1,115 sales reported in June 2009.  

“At the mid-point of 2010, sales are still up 23% over the first six months of 2009, but sales numbers are beginning to trend downwards as the market settles from its earlier 2010 peaks, influenced by the prospect of higher mortgage rates, the HST and the usual summer slow down.” commented Dierdre Mullen, President of the Durham Region Association of REALTOR®.

With 2,461 active resale home listings in June, the mid-year 2010 total of 10,163 listings is also up 18% annually, while the average June selling price of $304,278 came in 8% higher than the average for the same period in 2009.

“Moving forward through the second half of 2010, a combination of more home choices and a more moderate sales pace will likely keep the average price growth down to single digits.” 

DURHAM REGION, JUNE 11, 2010 – Starting July 1, 2010 Ontarians can expect to pay a harmonized sales tax (HST) rate of 13% on a long list of goods and services that were previously exempt from the 8% Provincial Sales Tax (PST).

“While the impact of the tax will be felt by all Ontarians, the province’s 3 million homeowners and the thousands who buy and sell a home every year will be hit particularly hard by this latest tax.” commented Dierdre Mullen, President of the Durham Region Association of REALTORS®.

“As real estate professionals, REALTORS® know how important the dream of homeownership is to Ontario families. Unfortunately, because of the forthcoming HST that dream is going to become more expensive. After July 1, 2010, every residential real estate transaction in Ontario will face a significant tax increase. Specifically, home buyers and sellers can expect to pay 8% more on legal fees, appraisals, real estate commissions, condo fees, home inspection fees, moving costs and the provincial government’s recently introduced, but not yet implemented, system of mandatory home energy audits. According to the Ontario Real Estate Association (OREA) Ontarians will pay, on average, an additional $1,449 in new taxes on their next residential real estate transaction.”

As well, the HST will add 8% more tax on a series of home related costs. Specifically, the HST will add additional tax on utility bills, such as gas, electricity and home heating fuel, on home renovation labour, the cost of lawn upkeep or landscaping and the cost of snow removal. Moreover, the HST will increase the cost of living with 8% more tax on gasoline, personal and professional services, meals under $4, dry cleaning, cab fares, magazine subscriptions, plane tickets, vitamins and cell phone charges.

“When added together” Ms. Mullen explains, “the impact of the HST on Ontario family’s disposable income will be considerable. In short, the HST will reduce the people of Ontario’s quality of life by taking more of their hard earned money to fund government initiatives.”

While the Government of Ontario plans to compensate homeowners by offering sales tax transition cheques and modest income tax reductions, these measures will in no way offset this new tax. A onetime payment of $1000 (for a family of four) and a modest $368 reduction in income taxes will do very little to offset the burden of an 8% tax increase on a litany of items in perpetuity.

“With a May Average Selling Price of $301,000, almost $150,000 less than the GTA average, the Durham Region offers a more affordable resale home solution for those concerned about affordability once the HST comes into effect.“

DURHAM REGION May 19, 2010 – The Durham Region Association of REALTORS® (DRAR) reported 525 sales in the first half of May 2010, an increase of 13% from the 464 sales reported mid-month in May ’09. Year-to-date sales are up 45% to 4,081 compared to 2,815 sales during the same term in 2009.

“As was forecasted, the average selling price for single family homes has begun a modest descent as the market begins to stabilize.” Dierdre Mullen, President of the Durham Region Association of REALTORS® noted. “Although May 2010’s mid-month average selling price of $297,087 is 7% higher that the same period in 2009, it has actually dropped from the reported $304,436 of just two weeks ago. I expect to see this pattern continue, making for a very stable and balanced resale housing market in Durham for the remainder of 2010.”