Bradford Home Prices soar, Aurora and Newmarket up 20-30% - January Real Estate Market Report

The average home price in Aurora in January was $1,518,825. This signifies a 19.5% increase on a year-over-year basis and a price increase of 6.5% compared to December.

Average price for detached homes in Newmarket $1.5m

In Newmarket prices rose from $1,011,949 in January 2021 to $1,307,555 in January 2022 - an increase of 29%. The average price for a detached home in Newmarket is $1.5 million. Between Newmarket and Aurora a combined 121 homes have sold in January. That's 51 homes less than last year and, once again, illustrates the current shortage of inventory.

The biggest increase of prices was noted in East Gwillimbury and Bradford. Bradford prices are up 57%, from $991,559 twelve months ago to $1,556,443 this January. East Gwillimbury prices increased 49.5% from $1,111,381 to an average of $1,662,193.

Toronto/GTA: New Listings down 15.5%

Throughout Toronto and the GTA a total of 5636 sales were reported on the MLS System of the Toronto Regional Real Estate Board (-18.2% compared to January 2021). New listings were down by a similar annual rate (-15.5%) as sales. The average price for all types of homes combined was $1,242,792 (+28.6%).

The Bank of Canada has left interest rates untouched, but it is expected that rates will go up within the next months. The next scheduled date for announcing the overnight rate target is March 2.