A Year of Change - 2019 in Review

It's been a year of change. After a rather slow first 6 months (with exceptions in February and March), our local market shifted from a Buyers' Market to a more balanced Market, where in the lower price segment we even saw multiple offers again.

Strong Fall Months in Aurora

In Fall, the market in Aurora picked up fast and the average sale prices in September, October and November were higher than during same time period of the previoius year. Prices had increased by 21% on a year-over-year basis in Aurora in September (2018: $807,421 / 2019: $976,427).

Source: Stratus MLS, Toronto Real Estate Board
 

Newmarket ahead of 2018

North of Aurora a change in the market was noticed even earlier in the year. In February the average home price in Newmarket was already 6.5% higher than the year before. In 9 out of the past 12 months, the prices in Newmarket exceeded the average prices of the previous year. The average of $821,167 in November reflected the highest prices in Newmarket in 24 months and a 17.7% increase on a year-over-year basis. I expect this trend to be continuous and anticipate a slight increase in the next 6-12 months.

Source: Stratus MLS, Toronto Real Estate Board