There has been a dip in the average price of a single-family detached home in Newmarket to $1,173,786 from February to March, according to the Toronto Real Estate Board.
As well, the number of homes sold also dropped last month, due in part to the statutory Good Friday holiday falling on March 31 this year instead of April, the board added.
Prospective home buyers are finding it difficult to purchase a house due to higher interest rates, the board stated.
The average price of all homes, including condos, townhouses, semi detached and detached, is down by $61,759 from $1,235,545 in February. This decrease is on par with the real estate market across Ontario.
“We’ll have to wait for the April data to really understand how buyers are responding to all these new properties for sale, but if you look at last spring as a guide and add to that record population growth in the last year and a central bank that is far more likely to cut this summer than raise like it did last year, it could get interesting,” said Shaun Cathcart, the Canadian Real Estate Association’s senior economist.
However, the average price of a detached home in Newmarket remains well above the provincial average of $951,900 in March, with prospective buyers competing for any houses they can find under $1 million.
“Certain price points are still seeing multiple offers,” said Darcy Toombs of Coldwell Banker The Real Estate Centre in Newmarket. “Anything under $1 million is hard to not be in a competitive situation. It’s a seller's market in certain price points and it might be more of a buyer's market in higher price points.”
There were 113 sales in Newmarket after an average of 19 days on the market and 136 homes for sale. Sales were down by 4.2 per cent, while active listings were up 46.2 per cent compared to March 2023, according to the board.
“Right now, we’re seeing about 18 days on the market compared to, call it year over year or the end of last year, it would be somewhere around 28 to 30 days,” said Chris Cartwright, broker for Main Street Realty in Newmarket.
Ontario home prices rebounded slightly in March, figures released by the Canadian Real Estate Association show. Prices stabilized in February, ending a five-month fall that began last summer. The numbers are seasonally adjusted and do not take inflation into account.
Cartwright said the market typically picks up in January and February, before and during the pandemic, as owners had pulled their listings off the market during the holiday season.
In Newmarket, for townhouse condos, the average price went up $884,455, an increase of $13,445, month over month. There were about 11 townhouse types of homes that sat on the market for 43 days and 26 listings active by the end of the month.
— With files from Patrick Cain
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