While Ontario home prices rose slightly in July, the average price of homes in Newmarket dipped last month, according to real estate data.
The Toronto Regional Real Estate Board states the average price of all types of homes in Newmarket dipped to $1.131 million in July from $1.228 million in June.
There were 73 home sale transactions, with 194 active listings at the end of July. Homes were on the market for an average of 23 days compared to 20 days in June.
“Traditionally the summer months are quieter in real estate as both buyers and sellers are busy taking advantage of the warm weather and are often on vacation,” said Jessica Nakamura, realtor for eXp Realty Brokerage. “We are also seeing more inventory come on the market than in previous years, giving buyers more options and allowing them to take their time when buying homes. As a result, the average days on the market for homes has increased and prices are lower due to a greater supply.”
The average price of detached homes in Newmarket has dipped to $1.280 million in July from $1.38 million in June. On a year-by-year basis, detached homes cost $1.301 million in July 2023. Nakamura said there is more inventory on the market compared to previous years.
“Broader economic conditions, including interest rates, inflation, and employment rates, can also impact housing prices. There is a lot going on in our economy at the moment,” said Nakamura.
The average price of semi-detached homes in Newmarket decreased to $874,278 in July compared to $971,625 in July 2024. On a year-by-year basis, these types of homes cost $946,833 in July 2023.
“I know housing affordability is a large issue for many families,” said Nakamura. “Having the price under $1 million means that less of a downpayment is required and they have access to insured mortgage rates, as well.”
The average price of townhouses in Newmarket, meanwhile, increased to $1.015 million in July compared to $959,854 in June. On a year-by-year basis, these types of homes cost $1.029 million in July 2023.
“Entering the housing market can be an exciting and overwhelming time,” said Nakamura. “I always advise my first-time home buyers, even if they aren’t ready to buy a home in the immediate future, to consult with a mortgage specialist. This way they have an idea what they can afford given their current financial status and what they can do in the next six to 12 months to improve that number.”
Ontario home prices rose slightly in July, continuing a trend of broad stability set in February, figures released Thursday by the Canadian Real Estate Association show.
On a year-over-year basis, the average single-family home in the province sold for $959,600 in July, down 5.2 per cent from the average of $1,012,400 they sold for in July 2023.
The numbers are seasonally adjusted and do not take inflation into account.
Inflation, depending on what measure you choose, is running at between 3.4 and 3.7 per cent.
“With another rate cut announced on July 24, we’ve now seen two rate cuts in a row, and the expected pace of future policy easing has steepened considerably, with markets now anticipating rate cuts at every remaining Bank of Canada decision this year,” CREA senior economist Shaun Cathcart said in a release.
On a provincewide basis, prices for condos in a year-over-year comparison fell 6.7 per cent, and townhouses fell 4.3 per cent.
“While it wasn’t apparent in the July housing data from across Canada, the stage is increasingly being set for the return of a more active housing market,” CREA chair James Mabey said in a release.
Within Ontario, sales in the north continued to show stronger growth than those elsewhere in the province — single-family homes in Sault Ste. Marie were up 2.5 per cent year-over-year, and those in North Bay were up 3.4 per cent.
Locally in the GTA in July, single-family house prices were down 6 per cent, condos were down 7.6 per cent, and townhouses were down 4.2 per cent compared to July 2023, using seasonally adjusted numbers unadjusted for inflation.
— With files from Patrick Cain
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