Buyers are back! - January Real Estate Market Report

The Market is getting stronger again. Inventory is still pretty low and we're noticing more showings on listings and in some cases even multiple offers being back. Especially in the second half of January things have picked up. While only 16 homes sold in Newmarket and Aurora in the first two weeks of this year, 53 sold in the last two weeks of January.

Aurora: Few Sales, Strong Prices

The average price in Aurora in January was $1,498,266 - which is without surprise lower than last year ($1,518,825) but significantly higher than last month in December ($1,239,509 / +21%). Although with only 32 homes sold, this number has to be viewed with caution as the sample size is quite small.

Newmarket 11.5% up compared to December

In Newmarket the average price compared to December increased by 11.5% from $1,093,000 to $1,169,709. East Gwillimbury prices went from $1,353,037 to $1,395,875 (+3.2%). A small sample size here also with only 39 (Newmarket) and 16 (EG) sales. But looking at the entire Market in York Region, the numbers confirm a stronger market: the average price in York Region went from $1,267,563 in December to $1,285,583 in January. It appears that Buyers that have been on the fence for the past 6-8 months are now back out looking.

(Source: TRREB Market Watch)

GTA: Sales down 44.6%

Throughout Toronto and The GTA, Realtors reported 3,100 sales through the MLS System in January – in line with the December 2022 result of 3,110, but down 44.6% from January 2022. The average selling price for January 2023 at $1,038,668 was slightly lower than the December 2022 result and down by 16.4% compared to the January 2022 average price reported before the onset of Bank of Canada interest rate hikes.