Aurora Newmarket Real Estate Forecast – 2019 to 2020

Aurora Newmarket Real Estate Forecast – 2019 to 2020

Real Estate Market in Aurora and Newmarket

Home sales fell 23% in 2018, reflecting a number of negative factors inhibiting a region that needs to see growth. Conditions in York Region are typical of the overall GTA real estate market.

Last year, 11,858 homes were sold via the MLS at $10+ billion in transacton value compared to 14,926 sales in 2017, for a total transaction value of$15.8 billion. Worse, new property listings dropped 36,967 units in 2017 to 33,471 units last year.









New Condominium on Jonway, Aurora

Brookfield Developments - Just off of Leslie, north of Wellington Rd Aurora

Multimillion Dollar home in West Aurora

This new development on the old Glenway Golf Course grounds is completed, although there hundreds of new homes being built toward Yonge St, south of Davis Drive. Check them out on the Newmarket new homes page.

Northern York Region continues to grow particularly as word gets out about new housing developments in Aurora and new homes for sale in Newmarket. and those in East Gwillimbury.

Newcomers are impressed with the quality of living in York Region with the open spaces, clean air, Cooks Bay to the north, the Durham forest to the east, and the small town living.

Aurora and Newmarket are perfect for growing families with the number excellent schools, libraries, recreation facilities, shopping, and a vibrant commercial/business area. These are communities with a definite character and high standard of living.

If you're investigating the Aurora and Newmarket  or anywhere in Northern York region to buy a detached home or condo, you won't be disappointed at the lifestyle in these quaint cities. Andas this most recent updated market report for 2017 suggests below, prices are appreciating and availability is being squeezed.

There are new housing developments here, some quite large, however most have already been sold out. It's a seller's market here like no other in York Region.




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Population Growth to Boost Demand for Detached Homes

The Aurora/Newmarket area is a special urban zone just north of Toronto, Canada, surrounded by development-blocked scrubland called green space. This scarcity of usable, development land for housing is the number one driver of skyrocketing prices in these two towns and a current housing crisis for many residents. For investors and speculators alike, this region is worth a good look.

You'd be hard pressed to find anyone who doesn't believe the housing market in the Aurora, Newmarket and Bradford area won't boom for some time. Huge new housing developments being built currently on the west and east sides of these much desired towns are providing hundreds of new homes for sale. Those new properties are hot commodities.




It's a testament to the popularity of the region and the growth in migration from Toronto and Mississauga, and from south YR to north YR. But without land, homes can't be built.

Here's some eye opening stats on how single detached home prices and listings have changed in the last 12 months in the Aurora, Newmarket, Markham, Richmond Hill area to give you some perspective before we continue.

Ontario Government - Places to Grow and Urban Intensification Act

Will mounting pressure on the Ontario government force the increase of more land for development in Aurora, Markham, Richmond Hill, Stouffville and Newmarket?

While most buyers peruse properties in Richmond Hill, Vaughan, and Markham first, the Aurora Newmarket and Bradford area is very attractive.  And homeowners have enjoyed strong selling prices given the employment situation, Ontario economy, and persistently limited supply enforced by various levels of government.

On the issue of home building in York Region, Bryan Tuckey, president of the Building Industry and Land Development Association (BILD). “The net effect will be higher housing prices across the board.”

While new construction developments on the east side are available, there is no room to grow. Price pressure will be enormous through 2020 and beyond. If prices have risen 22% in the last, we can safely project that demand will continue through 2020 if the Toronto economy and the US economy should hold during that time.

Luxury Home for Sale in Aurora WestPrices are rising fast and many homeowners who previously wouldn't sell are finally coming to the conclusion that now is the time to sell. But the market isn't about about to die.

Even with the governments acting to add taxes and raise mortgage qualification requirements, the demand for homes in Aurora and Newmarket is high. Lately, Aurora home prices have risen faster than any other municipality in the Toronto area.

New Home Construction Developments in Aurora ON

St John's Forest - Mattamy Homes sales office not open yet

Treasure Hill - Time Village on 25 Mavrinac Blvd. Aurora, ON

Aurora Trails - Arista Homes Sales Center at  corner of Wellington St. and Mavrinac Blvd Aurora, ON

Newmarket Home Prices 2015 to 2016

A look at Newmarket home prices in the last 15 months might help us determine what kind of price increases and availability will mark the 2017 selling season. Newmarket homes sell for about $400,000 less than in Aurora, however, as more homes are sold in Copper Hills in east Newmarket near the 404, and new developments north of St Johns Sideroad, and in Glenway estates (former Glenway golf course), the average home price should rise.

Newmarket New Home Construction Developments - New Homes for Sale

Are you on the hunt for new homes for sale in Newmarket?

Copper Hills Phase 4 - Sales office at 1035 Poppy Lane, Newmarket

ESPRIT Newmarket - Presentation centre at 219 Davis Drive West, Newmarket

Glenway Phase II - Andrin Homes and Lakeview Homes presentation centre at 26 Lesmill Rd #3, North York.

The housing stock is predominantly new and categorized as luxury real estate as you can see in the Aurora homes galleries, the prices put Aurora and Newmarket homes in that category. Take a look at this gallery of Aurora luxury homes  and you'll see what's typically available for $1.5 million to $8 million here. You'll find some beauties in what are spectacular neighbourhoods providing an unparalleled quality of life.

Related Posts: Real Estate | Canada Real EstateMontreal Housing Market | Calgary Real Estate | Vancouver Real EstateAurora Luxury Homes | More  Aurora Luxury HomesToronto Real Estate Forecast | Toronto Condos | Market Assessment | Real Estate Agents |  Bradford HomesMississauga Real Estate Forecast | Toronto Home Prices

Please do read the Toronto Real Estate Forecast to get up to date on the factors that are pushing Southern Ontario real estate prices up. The major reason is a huge demand for housing in general and for single detached homes in general. Millennial buyers in particular are eager to leave their parent's homes and buy, yet prices are staggering.

Previously, availability in Newmarket and Aurora were severely constrained yet price hadn't quite jumped yet. Now prices are shooting up fast because buyers and investors are learning more about these towns. Given how desirable living north of the Green belt is, buyer demand will continue.

Is this the right year to buy rental income property?  Find out more about the best investments in 2019 including investing in real estate.

 

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