House sales were up, while average prices dropped in Newmarket this past month ahead of the typical winter slowdown, according to the latest numbers from the Toronto Regional Real Estate Board.
Newmarket saw the number of homes sold increase from 79 in October to 92 in November. That’s also higher than this time last year, when there were 56 homes sold in November 2023.
Dylan Silbernagel, a sales representative with Keller Williams Realty Centres, said the uptick in sales could be due to people now buying properties after selling in September and October. This comes ahead of the slower period for the housing market, which usually starts in December.
“Now, when the market's been slower, it's much more advisable for people to make sure that they sell first and then buy, so they don't expose themselves to too much risk,” he said. “So for everybody that would have sold in September and October, when we saw kind of like a little push in the market, well, now they're going out and buying.”
While sales were up, average prices dropped slightly in Newmarket last month, going from $1,077,014 in October to $1,059,916 in November. That figure is similar to the average prices in November 2023, which sat at $1,069,704.
Newmarket also saw the number of new listings on the market drop, with 184 in October versus 133 in November. That’s lower than November 2023, when there were 147 new listings.
There was also a month-to-month drop in the number of active listings in Newmarket.
In October, there were 281 active listings. In November, there were 218. That is slightly higher than the 210 active listings that were on the market in November 2023.
Sales and prices up in Aurora
In Aurora, prices across all home types were up, from an average price of $1,381,537 in October to an average of $1,474,672. That’s up from this time last year, when the average price in November 2023 was $1,405,728.
The average price of detached homes sold in November was $1,846,558, a figure “we haven’t really seen since April 2022,” when the market was near its peak, according to Silbernagel.
“The detached housing numbers are actually looking really strong, which I wouldn't necessarily have expected coming into this time of year, especially after how last fall was,” he said. “But we have had some big (interest) rate cuts and there's still more talk of cutting to come.”
There were 43 detached homes sold last month, up from 37 in October and 41 this time last year, in November 2023.
Sales figures were also higher across all housing types, going from 71 in October to 75 in November. That’s also higher than the 64 sold in November 2023.
The number of new listings in Aurora was down this month, from 164 in October — and 206 in September — to 130 this month. That is higher than this time last year, when there were 110 new listings.
Active listings were also down this past month, from 257 in October to 210 in November. But that’s higher than this time last year, when there were 166 active listings.
Aurora again saw 14 house sales in the att/row/townhouse category in November, as it did in October. That tally is tied for the second-highest monthly total in 2024 — with March topping the list with 15 sales.
Silbernagel said while detached housing prices were approaching their market peaks, other units like condominiums and townhouses had not quite reached the price levels seen around the market's peak in 2022.
“Typically we see the caterpillar effect go up,” he said. “First we would see the condo market start to rebound and those guys would filter up to your townhomes, and then your townhomes would filter up into your detached, because typically that's the progression as people move up.”
“But we haven't really seen that specifically in Aurora, we haven't seen that movement,” said Silbernagel. “The main thing I can point to is just that we have had those cuts, it is getting a little bit easier for people to make those purchases, and we've seen some demand come back into the market.”
Prices, sales dip across GTA
Average prices dipped across the Greater Toronto Area, going from $1,135,215 in October to $1,106,050 in November. November was slightly higher than this time last year, when the average price of a house sold in the GTA was $1,077,891.
Sales also dipped throughout the GTA, going from 6,658 sales in October to 5,875 this past month.
“As we approach the end of 2024, I am pleased to report an improvement in housing market conditions,” Toronto Regional Real Estate Board president Jennifer Pearce said in a news release.
“Many home buyers patiently waited on the sidelines for reduced inflation and lower borrowing costs,” she added. “With selling prices remaining well off their historic peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025.”
