A balanced market and stronger prices - September Real Estate Market Report

After a couple slow summer months, the market has picked up in September. Although the number of Sales (5038) on the Toronto Regional Real Estate Board was down by 44.1% compared to last year and new listings reached a 20-year low, prices slowly increasing again in certain areas.

Stable Prices in York Region

The average home price in Aurora was $1,230,281 - that's still 12.5% lower compared to September 2021, but it reflects a 3.3% increase compared to the previous month. Similar in Newmarket, where the average price this September ($1,136,705) was up 8% compared to August. In East Gwillimbury prices have bounced back and are now 5.8% higher on a year-over-year basis (Sept 2022: $1,355,278 / Sept 2021: $1,269,826).

The average home price in York Region ($1,246,490) has not changed much anymore over the past three months.

(Source: TRREB Market Watch)

Low Inventory brings Prices up

Throughout Toronto and the GTA the average price for all type of homes combined in September was $1,086,762; 4.3% lower than 12 months ago but 0.7% up compared to the previous month. What we're currently seeing is a balanced market with relatively low inventory.