The Toronto Real Estate Board reported another year-over-year increase in the level of home sales during the month of August.The number of transactions reached 7,711, up 13.4% when compared to the same month last year.The average selling price within the GTA was $792,611 during August 2019, up by 3.6% on a year-over-year basis.
Continued modest price growth and the increased sales activity was driven by all housing types and price segments during August.This is the sign of healthy and balanced market.Within Durham Region, the local real estate board (DRAR) reported 1,046 residential sales during August 2019, representing a 24% increase over the August 2018 sales levels.The overall average selling price in Durham Region for the month of August was $614,362, up slightly from the average price established a year ago.
We are now experiencing a fantastic real estate market. Interest rates have declined almost half percent during the summer.Five year mortgage rates are now available for about 2.5%. Inventory is very good, buyers can find the right home at a fair price.
In my opinion, the current state of the real estate marketplace is the best it has been during the past three years. Buyers and sellers can participate without pressure and everyone is able to get a fair price and enjoy far greater affordability.
Let me help you find the perfect townhouse, condo, detached house or investment property. I’ve sold real estate in Durham Region for over 25 years, so you can be assured of experienced and sound advice in all market conditions.