Sales were up in Aurora but remained steady in Newmarket in October, while average prices came down in both towns last month, according to the Toronto Regional Real Estate Board.
Newmarket bucked regional trends - as the Greater Toronto Area saw a spike in sales activity in October - with the town seeing the number of homes sold remain fixed month-to-month.
Both September and October saw 79 home sales, but that was an increase from this time last year, when 56 homes were sold in October 2023.
Average prices dropped in Newmarket last month, with September coming in at $1,128,773, while average prices in October were at $1,077,014. This was also down from October 2023, when prices were at an average of $1,155,339.
The average prices of homes sold in Aurora last month dropped by more than $100,000, down from $1,505,401 in September to an average price of $1,381,537 in October. That’s also slightly lower than the average price in October 2023, which was at $1,387,256.
Unlike Newmarket, sales ticked up in Aurora, from 55 in September to 71 homes sold in October, which beats the total from this time last year, when 41 homes were sold.
“September wasn’t the typical fall market transaction-wise, and again I think that’s because everyone was doing the ‘wait-and-see,’” said Jeffrey Graves, a sales representative with Royal LePage Your Community Realty. “I think those who were waiting in September made a move in October, and also a lot of sellers that were anticipating a busy fall season took a more realistic approach.”
Aurora's market also proved to be "diverse," with a variety of different units selling and helping lower the average price, according to Graves.
Aurora saw 14 house sales in the att/row/townhouse category this month, tied for the second-highest monthly total in 2024 - with March topping the list with 15 sales.
“Everything's kind of back in the mix of what's being sold,” said Graves. “A lot of that is due to affordability issues for the million dollar or the first time home buyer category, where with the interest rates lowering, they're having a little bit more consumer confidence, where they see more opportunity to get going, before things do get out of control again.”
While prices dipped month-to-month, they are up slightly year-on-year in Aurora, compared to the MLS Home Price Index composite benchmark. Prices are up 1.76 per cent compared with the benchmark price of $1,351,400.
In contrast, Newmarket is down 4.24 per cent year-on-year compared with its composite benchmark price of $1,171,900.
Newmarket saw new and active listings drop this past month, with 227 new listings in September and 296 active listings, compared with 184 new listings in October and 281 active listings in October.
While sales were up, the number of listings hitting the market was down this month. September saw 206 new listings, whereas October saw 164 new listings. That’s higher than the figure of 158 new listings in October 2023.
Aurora’s active listings also dipped slightly, with 274 active listings in Aurora in September, dropping to 257 active listings this past month. That is higher than October 2023’s figure of 205 active listings.
Graves said it’s currently a “very balanced market” in Aurora, with plenty of supply. This means buyers can negotiate for good sales conditions, and sellers may need desirable features like renovated kitchens, bathrooms, and finished basements to stand out, he added.
“It's all about selling and buying in the market you're in, not an imaginary or a fictional market that you want it to be,” he said.
Sales up across GTA
Home sales increased markedly both month-to-month and year-on-year across the GTA in October.
Sales went from 4,996 in September to 6,658 last month, also increasing by 44.4 per cent compared with 4,611 in October 2023.
The average selling price was up from $1,107,291 in September to $1,135,215 this past month. The composite benchmark price was down 3.3 per cent year-over-year.
“While we are still early in the Bank of Canada’s rate-cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” TRREB president Jennifer Pearce said in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent.
But Graves said those looking to sell should have realistic expectations, noting the market is very different to the one buyers and sellers faced back in 2022.
