House prices and sales decreased in Newmarket and Ontario as a whole last month compared to the year before.
The average price for all home types in Newmarket in February 2023 was $1,174,836 — an 18.6 per cent drop from February 2022 when the average price was $1,443,690, according to the Toronto Regional Real Estate Board's (TRREB) monthly report.
There were 75 residential sales in February of this year, which is half as many as February of last year when there were 150 sales.
This decrease is on par with the real estate market across Ontario. According to the Ontario Real Estate Association (OREA)'s statistics for February, both sales and prices are down compared to the same month last year.
It found that residential sales decreased by 43.5 per cent to 10,981 units.
The average price in the province in February 2022 was $865,279, which the OREA said was a "substantial decrease" of 20.4 per cent.
The current status of the housing market could be tied to interest rate hikes.
"It has been almost a year since the Bank of Canada started raising interest rates. Home prices have dropped over the last year from the record peak in February 2022, mitigating the impact of higher borrowing costs. Many homebuyers have also decided to purchase a lower priced home to help offset higher borrowing costs. The share of home purchases below $1 million is up substantially compared to this time last year,” said TRREB president Paul Baron in a news release.
Despite the drop in prices, the average price for a home in almost every municipality in York Region remains over $1 million. Newmarket has the second lowest average.
The average prices for February 2023 were:
- York Region: $1,302,720
- Aurora: $1,223,499
- East Gwillimbury: $1,230,814
- Georgina: $945,561
- King: $2,145,925
- Markham: $1,241,350
- Newmarket: $1,174,836
- Richmond Hill: $1,388,996
- Vaughan: $1,350,161
- Stouffville: $1,337,813
