Let’s dive into the trends that we saw throughout the Durham Region real estate market in May 2018.

 

Average Selling Price Is Down Slightly

Contrary to what we’ve seen in previous months, the average cost for a home in Durham Region dropped slightly in a month-over-month comparison. For reference, the average price of a home in April was $609,813 and slipped down to $597,485 in May 2018.

 

Status Of The Market

The market seemed to be in a little bit of a cooling period throughout May with sales dipping down by 7.6% in comparison to April 2018. A slow start the spring season could have been influenced by the colder weather. Real estate experts are predicting that sales will warm up throughout the remainder of spring into the beginning of summer.

 

Let’s Talk Politics

Currently, there has been a re-emergence of municipal politicians who are striving to have a municipal land transfer tax (MLTT) introduced. This is in addition to the provincial tax that is already in effect. While there is no steadfast news to report on this, it is a topic to watch closely in the coming months.

 

Real estate agents are working diligently to have their voices of opposition heard on this matter. Every voice counts, so if you too are not in favour of this, be sure to let your local councillor know.

 

Are you ready to dive into the Durham Region real estate market? Give us a call today!