Real Estate Market in Aurora and Newmarket
Home sales and prices dropped during in 2019, 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.
With mortgage rates low, and employment rates high, this would be the right time to buy a resale or new construction home in the Aurora Newmarket regions.
This early spring, the Corona Virus is creating recessionary effects, for those are keen to buy in York Region. The lifestyle in the region is worth it. Prices could fall considerably during the next 3 months, but don’t expect to stay depressed for long.
Aurora/Newmarket Home Sales Statistics
This chart of TREB data shows prices have fallen considerably since late summer of 2017 and down a lot from just last spring. The Corona Virus economic fallout may contribute to even more price drops. That could mean good things for homebuyers looking to purchase while mortgage rates are so low.
This chart below shows the rollercoaster ride Newmarket housing prices have been on. The recent slump began before the Corona Virus scare. The forecasted rise Zolo expected might be unlikely until perhaps in the summer.
|York Region||January 2020||April 2019||March 2019||February||Aug 2017||Price Change last 30 months|
|York Region Average||$948,799|
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.
If you’re hoping to sell your home (at over asking?), consider having me help you build strong demand for your home online and with a private MLS listing. I may be a good alternative to a local Aurora or Newmarket realtor. I offer a very powerful selection of Digital Marketing Services. Rather than the realtor hiring me to do all the work, why not go direct and save tens of thousands in commission?
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.
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.” As time has passed, we can see prices didn’t climb as much as expected.
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.
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
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.
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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.