While Ontario home prices stabilized in August, continuing a trend set in February, the average price of homes in Newmarket increased last month, according to real estate data.
The Toronto Regional Real Estate Board states the average price of all types of homes in Newmarket increased to $1.128 million in September from $1.048 million in August. Year over year, the total cost of all kinds of homes was $1.080 million in August 2023.
“The increase in average home prices both month over month and year over year reflects strong buyer confidence in Newmarket,” said Dave Elfassy, broker for Sutton Group-Admiral Realty Inc. “This upward trend suggests that demand continues to outpace supply, driving prices higher. Factors such as Newmarket's desirable community amenities, excellent schools, and convenient transportation links make it an attractive location for buyers, contributing to the sustained price growth.”
September saw a surge in home sale transactions, with 79 homes changing hands compared to 63 in August. The average time homes spent on the market also increased, from 22 days in August to 29 days in September.
“We are starting to see more activity and more confidence in the market,” said Mary Cerqua, sales representative for Right at Home Realty. “However, it is still taking a bit longer for a home to sell, with the average days on market is 29 days comparing to last year, which was 18 days. This has to do with the inventory levels as there are more homes that are currently active on the market.”
The average price of detached homes in Newmarket increased to $1.280 million in September from $1.179 million in August. About 50 detached homes were sold in September.
On the other hand, the average price of semi-detached homes in Newmarket saw a slight decrease, falling to $840,000 in September from $923,000 in August. Approximately 10 semi-detached homes were sold in September.
“It is interesting to see that semi-detached homes have dropped below the $1 million dollar mark,” said Cerqua. “I believe that this has to do with average consumers thinking that they may not be able to afford those homes and don't even consider them when searching for properties.”
The average price of townhouses in Newmarket decreased to $940,000 in September, compared to $953,000 in August. Thirteen townhomes were sold in September.
Ontario home prices were stable in September by comparison with August, continuing a trend of broad stability set in February, figures released Tuesday by the Canadian Real Estate Association show.
On a year-over-year basis, the average single-family home in the province sold for $954,000 in September, down 4.5 per cent from the average of $999,500 they sold for in September 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 1.6 and 2.4 per cent.
“With the pace of rate cuts now expected to be much faster than previously thought, it’s possible some buyers may choose to hold off on a purchase for now. This could further boost the rebound expected in 2025 at the expense of the last few months of 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 7.8 per cent, and townhouses fell 5.7 per cent.
“The beginning of September saw a burst of new supply for buyers to choose from before things generally quiet down for the winter,” CREA chair James Mabey said in a release. “While some buyers may choose to take advantage, others may be inclined to wait as the bulk of future rate cuts from the Bank of Canada are now expected to show up in a matter of months as opposed to years."
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 4.3 per cent year-over-year, and those in North Bay were up 4.4 per cent. Locally in the GTA in September, single-family house prices were down 4.2 per cent, condos were down 8.3 per cent, and townhouses were down 6.0 per cent compared to September of 2023, using seasonally adjusted numbers unadjusted for inflation.
— With files from Patrick Cain
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