Further price drop, fewer listings - July Real Estate Market Report

With significant increases to lending rates in a short period, there has been a shift in consumer sentiment. The average price in Aurora in July was $1,371,558 - that reflects a 6% drop compared to June. But still, on a year-over-year basis the average home price in Aurora is up by 11.4%.

Fewer new Listings in July

Inventory is thinning out which could lead to a more balanced market again. While in June 160 new listings hit the market in Aurora, there were only 124 in July. In Newmarket new listings went down from 175 in June to 141 in July. The average price for a home in Newmarket is $1,126,666 - 3.1% higher than 12 months ago but 1.5% lower than in June. In East Gwillimbury prices are already 13.6% down compared to last year (2022: $1,165,181 / 2021: $1,349,121).

The average home price in York Region is $1,274,911 - almost exactly the same like one year ago (June 2021: $1,271,831).

(Source: Market Watch, Toronto Regional Real Estate Board)

Sales down 47%

Throughout Toronto and the GTA a total of 4912 sales were reported through the Real Estate Board's MLS System - 47% down compared to July 2021. The average price of $1,074,754 is still slightly up (+1.2%) on a year-over-year basis.