2021: A Year in Review - December Real Estate Market Report

2021 has been an exceptional year for real estate with new records being set almost every month. The year started off strong in January and prices in Aurora jumped 15% between December 2020 and January 2021. The average home price in Aurora at the end of 2021 was $1,426,159 - an increase of 29% on a year-over-year basis. While 68 properties have sold this December, only 47 new listings came on the market. This, once again, illustrates the shortage of inventory that we're experiencing.

(Source: Stratus/MLS Toronto Regional Real Estate Board)

Newmarket: Record High to end the year

The average price in Newmarket climbed to $1,293,333 in December. This is a new all-time high and reflects a 36% increase compared to December 2020 ($951,743). The average price for a detached home in Newmarket was $1,462,388. In East Gwillimbury the average price surpassed $1.5m for the first time ever. The average price of $1,541,916 was 53.8% higher on a year-over-year basis (small sample, only 37 sales in December).

(Source: Stratus/MLS Toronto Regional Real Estate Board)

More Sales than ever reported on Toronto Regional Real Estate Board

Throughout Toronto and the GTA a record 121,712 Sales were reported through the MLS System in 2021 (+28%). The average price point was $1,095,475; 17.8% higher than in 2020 ($929,636).

As for this year I expect inventory to stay low and market conditions to remain tight, at least for the first 4 to 6 months of the year. Interest rates have started to climb up already at the end of 2021 and it is expected that they could keep going up, although I don't foresee a drastic increase. I assume prices will stabilize at the high level where they currently are, maybe increasing slightly.

As always, if you have any questions, if you're interested in a free and no obligation Market Evaluation of your home or if you'd just like to talk about our local Real Estate Market, please don't hesitate and reach out anytime. I'm looking forward to hearing from you.

Have a fantastic New Year! Stay healthy and happy.

Kind regards,

Vincent Bongard