Check out the average selling price for a home in Durham Region. Month to month we see steady increases. Multiple offers still the norm and now with the Feds saying they are going to increase downpayments from 5% to 10% hoping to slow it down - I don't think that will work. Many foreign investors are buying with more than 10% down regardless. Who all this is hurting, is the young first time buyer who can't afford these prices. How on earth are our children going to buy homes especially with the prices escalating at such a fast pace !
The government wants to slow it down but have had no problem in Toronto collection the double land transfer taxes on all these crazy priced homes as well as they haven't changed the allowable amount for first time home buyers to pull from their RRSP's, nor have they increased the tax credit allowable to the first time buyer ! Hmmmmm.
Here is the latest Durham Region Stats for June
So it would appear that Whitby has surpassed Ajax in pricing... which is interesting... but overall Durham is the the best bang for your buck in housing. Some say we have been undervalued for years and this is just catch up, others say that it is the 407ETR extension that made Durham a more viable option to move to.
Whatever the reason, Durham Region is on the move ! Thinking of moving, make sure you use a Professional who knows the marketplace.
Happy House Hunting !
