Durham Region Real Estate News

November 2016 Real Estate Market News

Average Sales Price In The Durham Region for November 2016

Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 919 residential transactions in November 2016, a 15 per cent increase from the same time last year. “The balance between supply and demand for homes continues to be very tight as we inch closer to the end of 2016,” stated O’Donohue. There were 1,154 new listings in November 2016 compared to 958 in November 2015. 

“It isn’t surprising that Durham Region continues to lead in average selling price increases throughout the Greater Toronto Area,” added O’Donohue. The average selling price in Durham reached $574,694 last month. In comparison, the average selling price was $455,603 during the same period last year; a 26 per cent

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October 2016 Real Estate Market News

Average Sale Price  October 2016

Home values are now going up faster in Durham Region than they are in Toronto. The average selling price in Durham hit $564,989 last month. In comparison, the average sold price in October 2015; a 27 per cent increase. The persistent increase is a direct reflection of Durham’s affordability and proximity.

A new mortgage rate stress test was introduced in October to address long-term housing affordability and will be applied to all new mortgages that are insured. “The test is here to protect homebuyers should interest rates rise,” said Sandra O’Donohue. “A number of factors will determine whether they do, but the important thing is that you can afford your home comfortably. If you’re in the market to buy a

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Durham Region Real Estate Statistics September 2016

Durham MLS Average Selling Price

The average selling price of homes across the Durham Region was $555,054 for the month of September 2016. In comparison, the average selling price was $438,462 the same period last year. This represents a 26 percent increase!

Durham Ontario Real Estate Stats

September 2016 Market News

Durham Region has seen substantial growth in prices and sales demonstrating strong demand. The average selling price in Durham reached $555,054 last month. In comparison, the average selling price was $438,462 during the same period last year; a 26 per cent increase.

Finance Minister Bill Morneau recently announced that the federal government is taking steps to ease emerging risks in Canada’s housing

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Get a detailed breakdown of what it will cost to purchase and own a condo

condo carrying costsIf you are looking a condos for sale it’s absolutely imperative to understand how much money you will need up front and how much it will cost you monthly to own your new condo. When you start viewing condos don’t forget to look at what is included in the purchase price such as parking or storage locker. Also make sure to take a look at the amenities each building offers as well. Pools, gyms, theatres are great features to have in condo building but keep in mind all of those things come at a cost.

Make sure you are comfortable with your mortgage and new monthly costs. Your mortgage broker can help you choose the right financing options that best meet your needs. For an

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Pros and cons of new condos vs resale condos

One of the biggest decisions you will have to make when looking at condos for sale is whether to buy a new condo (pre-construction) or an existing condo (resale).

Some pros of buying resale condos:

New versus Resale COndos

  • No imagination required, you can physically see and touch what you are about to purchase.
  • The move in date on average is only 30-90 days away depending on the purchase agreement.
  • Deposits are typically lower on resale purchases and usually taxes don’t apply.
  • You can get a feel for the current condo owners to see if the social atmosphere is to your liking.
  • Your lawyer will be able to tell you if the condo corporation is being run efficiently.
  • Older condo buildings usually have bigger
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Durham Region Real Estate Statistics August 2016

Durham MLS Average Selling Price

The average selling price of homes across the Durham Region was $541,863 for the month of August 2016. In comparison, the average selling price was $446,311 the same period last year. This represents a 22 percent increase!

Durham Region Real Estate Statistics August 2016

August 2016 Market News

Durham Region continues to be an appealing market for home buyers because of its strong economy and quality education, healthcare and social services within arms-reach.

Following the introduction of a tax on foreign buyers in B.C. on July 25th, Vancouver home sales have dropped significantly for the month of August while the Greater Toronto area home sales reached new records. Juwai.com China’s largest foreign

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Pros and Cons of Condo Ownership

Pros and cons of condo ownershipYou might be wondering if buying a condo is a good idea? Before you start looking at condos for sale it’s important to understand the pros and cons of condo ownership.

Condos are a popular form of shared living but there are also some Condo ownership basics every buyer should know before buying. The low cost of entry and low maintenance makes condos appealing to everyone from first time buyers looking to get into the market, to investors looking for hands free rental properties and, of course, baby boomers wanting to downsize their space and responsibilities.

The benefits of condo living

The outside work is taken care of

One of the biggest perks of condo ownership is freedom. Things like shoveling snow,

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Your Rights and Obligations as a condo owner

Rights As A Condo OwnerCondos are essentially communities and some operate smoother than others. Before looking at any condos for sale, make sure you understand in general how condo corporations make decisions, the role of the board of directors, your responsibilities, voting rights and how that can affect condo fees, common areas, bylaws,rules and restrictions.

 

Condo board of directors

The board of directors is made up of individual condo owners who have been elected by other unit owners from within the community. The condo bylaws will state how many members are required to make up the board, what qualifications they must have (if any), their term in office, election process and all other related matters.

The board

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Condo ownership basics every buyer should know before buying  

If you’re thinking about taking the big plunge into the real estate market and looking at a condo as a first time buyer or maybe downsizing from a big home to a condo. This is an incredibly exciting time in your life, but also a time when important decision-making and key investigating is both necessary and encouraged. Here are a few things to consider before you even start looking at condos for sale.

Buying a condo, which is short for condominium, is a popular choice for many home buyers at different stages in their lives as it can be a relatively carefree housing option. You have the advantage of ownership, without the hassles of maintenance, repairs and security concerns. For singles,

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What is a real estate assignment?

What is a real estate assignmentA real estate assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the Agreement of Purchase and Sale, before the original buyer takes possession of the property. The assignee ends up being the one who completes the transaction with the seller in the end.

In other words, a real estate assignment clause allows the buyer of a home to sell the place before they take possession of it.

Real estate assignments are much more common in pre-construction condos and homes than on re-sale properties, but they are possible on any type of transaction.

 

Are real estate assignments legal and why do

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