The Newmarket housing market bounced up slightly in January as average home price sales went up 3.1 per cent compared to last month to $1.05 million.
The month saw 35 homes move into the market, with prices at $1.05 million in January, compared to $1.027 million the previous month. The market is still down 6.3 per cent compared to last year, with January 2024 seeing 67 home sales at an average of $1.13 million in Newmarket, according to data from the Toronto Regional Real Estate Board.
The board said over the course of the year, average selling prices did increase moderately in the GTA.
“A growing number of homebuyers will take advantage of lower borrowing costs as we move toward the 2025 spring market, resulting in increased transactions and a moderate uptick in average selling prices in 2025. However, the positive impact of lower mortgage rates could be reduced, at least temporarily, by the negative impact of trade disruptions on the economy and consumer confidence,” said TRREB chief market analyst Jason Mercer in a news release.
Over the course of 2024, Newmarket saw 978 homes sold, with an average price of $1,138,714.
For York Region, the average home price in January was $1,216,183, up marginally from $1,210,705 from January last year but down more than four per cent from December’s average sale price of $1,268,118.
For detached homes, Newmarket averaged $1.22 million in January, down slightly by 2.7 per cent from the $1.25 average in December. Year over year, the prices are down 6.7 per cent, from $1.307 million in January 2024.
Semi-detached homes in Newmarket averaged $998,500, up 2.5 per cent from $974,250 in December and up 4.3 per cent from $957,178 year over year.
Apartment-style condos were up in January at $598,625, up 13.5 per cent from December’s $527,500. But those prices were down year-over-year when apartments went for $675,750 in January 2024.
Condo townhouses were down in January at $713,750, compared to $813,750 in December. Year over year, those prices were also down, with the townhomes going at $834,000 in January 2024.
The full report is available through the Toronto Regional Real Estate Board website.