Happy New Year - 2018 Real Estate Market in Review

2018 has been an interesting year with regards to our local Real Estate Market, prices have been up and down throughout the whole year (see graph below).

876 homes have sold in Aurora in 2018 at an average price of $895,390. That's approximately 100 homes less than in 2017 (967). The most expensive home that sold in Aurora was 32 Steeplechase Avenue, which sold in January for $7.0 Mio.

Sales Volume in Newmarket was down more significantly this year. While 1423 homes have changed ownership in 2017, only 1115 sold in 2018. The average home price in Newmarket throughout the year was $755,505. In East Gwillimbury on the other hand, more homes sold in 2018 (452, avg. $805,132) than in 2017 (438).

With regards to Interest Rates all signs point to the banks holding off on raising the rates for now. There are several reasons why no increases are expected in the near future: economic growth has stalled in the last quarter, Canadians' savings rates are near all-time lows and the stock market is falling.