2020: A Year in Review - December Real Estate Market Report

At the end of this unprecedented year, our local Real Estate Market finished strong; the average home price in Aurora was up 32% compared to last year (Dec '19: $836,583 // Dec' 20: $1,104,698). Never have prices in our area been higher at the end of the year. The average price for a detached home in Aurora was $1,388,166.

In Newmarket prices increased by 18% on a year-over-year basis from $805,347 to $951,743. A detached home cost $1,040,300 on average. There is a shortage of inventory in both Aurora and Newmarket. While 117 homes have sold in Newmarket this December, there are currently (January 1st) only 43 active listings available.

Without surprise, East Gwillimbury recorded a successful month a well; the average price ($1,002,664) was up by 31% compared to last year ($765,349).

Market heating up in Summer months

It has been without a doubt a strong year for real estate throughout the GTA. Due to the Covid-19 pandemic, we saw many families leaving the city and moving to York, Durham, Halton or Simcoe Region. The graph below shows that this movement started taking place in summer. In Aurora prices climbed from June on.

In Newmarket prices were consistently higher than in the previous year and started to rise significantly in August, peaking in November and December.

Low Inventory, low Mortgage Rates. Strong Prices.

So what is 2021 going to look like? Although things are still hard to predict, we believe that in the next 3 to 6 months we will still see people leaving Toronto and looking to buy a property with more space, a nice backyard and maybe a home office in the Suburbs. Mortgage rates are currently at an all-time low and if inventory stays low, prices will remain at a high level or even rise.