The average price of homes in Newmarket increased from May to June, while most Ontario markets remain stable, according to real estate data.
According to data from the Toronto Regional Real Estate Board, the average price of all home types in Newmarket increased to $1.228 million in June from $1.173 million in May. There were 80 home sale transactions with 276 active listings at the end of June.
“It's interesting to see that the market is kind of all over the place at the moment. Some types of homes have gone up, whereas others have dropped,” said Mary Cerqua, sales representative for Right at Home Realty. “We are in a very unfamiliar market at the moment. The Bank of Canada finally reduced the rate by 25 basis points for the first time since 2000, but it was not enough to entice people to get back into the market just yet."
The average price of detached homes in Newmarket has increased to $1.38 million in June 2024 from $1.317 million in May 2024. On a year-by-year basis, detached homes cost $1.354 million in June 2023. There were 55 detached home sales averaging 18 days on the market.
“Detached homes are typically in demand for families that are moving up and for buyers and bigger families,” said Cerqua. “They have accumulated their down payment most likely from a sale of their first home and would have the 20 per cent down payment toward the purchase. It all comes down to the affordability aspect of it.”
The average price of semi-detached homes in Newmarket decreased to $971,625 in June 2024 from $1.006 million in May 2024. On a year-by-year basis, these types of homes cost $948,000 in June 2023. There were eight semi-detached homes sales averaging 18 days on the market.
“Prices that are hovering around the million-dollar mark or lower tend to be more attractive to potential buyers due to the tiered down payment structure which would be a lot less than 20 per cent,” said Cerqua.
The average price of townhouse-style homes in Newmarket, meanwhile, have decreased from $959,854 in June 2024 from $1.047 million in May 2024. On a year-by-year basis, these types of homes cost $1.036 million. There were three townhouse-style condos sold averaging 25 days on the market.
While the price of detached homes have increased, the price for semi-detached and townhouses are decreasing. Cerqua said it is a buyer’s market and recommends people take advantage of it.
“Overall the real estate market in Newmarket seems to be in a buyer's market at this time,” said Cerqua. “When we look at the sales to new listings ratio, it is at 37.7 per cent. Anything below 40 per cent is considered a buyers market, anything between 40 to 60 per cent is a balanced market and anything over 60 per cent is a seller's market. I think that the market will start rebounding again starting at the end of September and after another rate drop by the Bank of Canada. There's definitely a lot more opportunity at this time and people should take advantage of it before it's too late.”
Ontario home prices inched very slightly upward in June, continuing a broad trend of stability set in February that ended a five-month fall that began last summer, figures released by the Canadian Real Estate Association Friday show.
On a year-over-year basis, the average single-family home in the province sold for $954,900 in June, down 5.1 per cent from the average of $1,005,700 they sold for in June 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.
“It wasn’t a ‘blow the doors off’ month by any means, but Canada’s housing numbers did perk up a bit on a month-over-month basis in June following the first Bank of Canada rate cut,” CREA senior economist Shaun Cathcart said in a release.
“Year-over-year comparisons don’t look great mainly because of how many buyers were still jumping into the market last spring, but that’s a story about last year. What’s happening right now is that sales were up from May to June, market conditions tightened for the first time this year, and prices nationally ticked higher for the first time in 11 months.”
On a provincewide basis, prices for condos in a year-over-year comparison fell 6.0 per cent, and townhouses fell 3.3 per cent.
“The second half of 2024 is widely expected to see the beginnings of a slow and gradual return of buyers into the housing market,” CREA chair James Mabey said in a release.
Within Ontario, sales in the north continued to show much stronger growth than those elsewhere in the province — single-family homes in Sault Ste. Marie were up 2.3 per cent year-over-year, and those in Sudbury were up 3.8 per cent. Locally in the GTA in June, in a year-over-year comparison, single-family homes fell 5.1 per cent, condos fell 6.9 per cent, and townhouses fell 2.9 per cent, using seasonally adjusted numbers unadjusted for inflation.
— With files from Patrick Cain
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