While Ontario home prices stabilized in August, 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 $1.048 million in August from $1.131 million in July.
There were 63 home sale transactions in August compared to 73 homes sold in July. Homes were on the market for an average of 22 days in August compared to 23 days in July. There were 161 new listings in August.
“Compared to August 2023, sales were down slightly, though new listings were up,” said Tatiana Klyushkina, salesperson for Right at Home Realty. “Despite a well-supplied market in August, average home prices only saw a slight decrease compared to the same period last year.”
The average price of detached homes in Newmarket has dipped to $1.179 million in August from $1.280 million in July. On a year-by-year basis, detached homes cost $1.393 million in August 2023.
The average price of semi-detached homes in Newmarket increased to $923,000 in August compared to $874,278 in July. On a year-by-year basis, these types of homes cost $954,000 in August 2023.
Homeowners and prospective home buyers can find relief as the Bank of Canada cut its lending rate for a third consecutive time to 4.25 per cent from 4.5 per cent in August. It follows a previous cut from 4.75 per cent in July and five per cent in June.
“The recent rate cut by the Bank of Canada on Sept. 4 should help improve affordability,” said Klyushkina. “As mortgage rates are expected to continue dropping this year and into the next, we expect increased activity.”
The average price of townhouses in Newmarket decreased to $953,000 in August compared to $1.015 million in July. On a year-by-year basis, these types of homes cost $855,000 in August 2023.
Ontario home prices were stable in August by comparison with July, continuing a trend of broad stability set in February, figures released Monday by the Canadian Real Estate Association show.
On a year-over-year basis, the average single-family home in the province sold for $955,000 in August, down 5.2 per cent from the average of $1,013,400 they sold for in August of 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.
“Despite some fledgling signs of life to kick off the long-awaited monetary policy easing cycle, Canadian housing market activity still looks to be stuck in the same holding pattern it’s been in all year,” CREA senior economist Shaun Cathcart said in a release.
On a province-wide basis, prices for condos in a year-over-year comparison fell 7.5 per cent, and townhouses fell 5.6 per cent.
“With more interest rate cuts now expected between now and next summer, the stage is set for a faster return of demand, but we’re clearly not there just yet,” 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 3.7 per cent year-over-year, and those in North Bay were up 4.5 per cent.
Locally in the GTA in August, single-family house prices were down 5.5 per cent, condos were down 7.9 per cent, and townhouses were down 5.9 per cent compared to August of 2023, using seasonally adjusted numbers unadjusted for inflation.
— With files from Patrick Cain
Use the interactive below to explore your region.
