The average price of houses in Newmarket has bumped up moderately from March to April.
According to data from the Toronto Regional Real Estate Board, the average price of homes in Newmarket rose to $1.177 million in April 2024, up from $1.18 million in March.
"The real estate market in Newmarket remains robust, characterized by steady demand and moderate price increases," said Dave Elfassy, broker for Sutton Group-Admiral Realty Inc. "Despite broader economic uncertainties, the local market has shown resilience, with a balanced mix of buyer and seller activities. The community's appeal, including good schools, amenities, and transportation links, continues to attract interest."
On a month-over-month basis, the average price has increased about 0.7 per cent.
"The slight increase in average home prices reflects the market's ongoing demand and limited supply," said Elfassy. "While the 0.7 per cent rise might seem modest, it indicates a stable market environment where prices are gradually appreciating. This trend is beneficial for homeowners looking to build equity."
The average price of detached homes in Newmarket has increased to $1.42 million, up $72,822 month-over-month or 5.4 per cent. On a year-over-year basis, the average price for these homes are up $88,445.
The average price of attached homes has increased to $1 million, up $50,851 month-over-month or 5.3 per cent. On a year-over-year basis, these types of homes are down $60,356.
"Several factors contribute to rising prices," said Elfassy. "First, Newmarket's desirable location with excellent amenities and quality of life continues to drive demand. Second, low inventory levels and historically low mortgage rates make purchasing more attractive. Third, the shift toward remote work has increased the demand for larger living spaces, which is particularly relevant for detached homes."
The average price of semi-detached homes in Newmarket has decreased to $924,383, down $43,160 month-over-month or 4.5 per cent. On a year-over-year basis, these types of homes are up $22,317.
The average price of townhouse-style homes in Newmarket has decreased to $787,323, down $97,132 month-over-month or 11.4 per cent. On a year-over-year basis, these types of homes are down $101,477.
"The decline in prices can be attributed to a few factors," said Elfassy. "One potential reason is a shift in buyer preferences toward detached homes, which offer more space and privacy, a desirable feature in the current remote work trend. Additionally, the increase in new condo developments might create more competition, thereby putting downward pressure on prices in this segment."
In Ontario, on a year-over-year basis, the average single-family home sold for $950,800 in April, up 1.8 per cent from the average of $934,300 in April of 2023. The numbers are seasonally adjusted and do not take inflation into account. Inflation runs at between 3.4 and 3.7 per cent, depending on your chosen measure.
"April 2023 was characterized by a surge of buyers re-entering a market with new listings at 20-year lows, whereas this spring thus far has been the opposite, with a healthier number of properties to choose from but less enthusiasm on the demand side," CREA senior economist Shaun Cathcart said in a news release.
Ontario home prices were stable in April, continuing a trend set in March that ended a five-month fall that began last summer, figures released by the Canadian Real Estate Association show.
On a provincewide basis, prices for condos in a year-over-year comparison were essentially unchanged, at a .05 per cent increase, and townhouses were up 1.8 per cent, similar to single-family houses.
"After a long hibernation, the spring market is now officially underway," CREA chair James Mabey said in a release.
"Mortgage rates are still high, and it remains difficult for a lot of people to break into the market, but for those who can, it's the first spring market in some time where they can shop around, take their time, and exercise some bargaining power."
According to Elfassy, the Newmarket market is currently balanced, with slight advantages for sellers in certain segments. Buyers now have more options than a few months ago, while sellers still benefit from strong demand and relatively low inventory levels. However, it's important to note that market dynamics can vary depending on the property type and price range.
He said prospective buyers must be well-prepared, ensuring financing is in order and getting pre-approved for a mortgage.
"Work with an experienced real estate agent who deeply understands the Newmarket market," said Elfassy. "Be ready to act quickly, as desirable properties can move fast. Lastly, consider your long-term needs and how different properties might fit those goals, especially given the evolving trends in remote work and lifestyle preferences."
— With files from Patrick Cain
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