Highest Newmarket Prices in History - February Real Estate Market Report

We're looking back on another record month for Real Estate in Toronto and the GTA where the average sale price (all types of homes combined) has now surpassed 1 Million Dollars. Realtors in Toronto and the GTA reported a total of 10,970 Sales (+52.5% year-over-year) through the MLS at an average price of $1,045,488. This reflects an increase of 14.9% compared to last year.

30-45% increase in Suburbs

The strongest growth is still seen in suburban areas like Newmarket for example, where prices went up 32% from $831,970 in February 2020 to $1,098,354 this year. This represents the highest average price point in Newmarket in History. In East Gwillimbury the cost of a home jumped by 45.5% within the past 12 months, from $800,765 to $1,165,806.

Although prices in Aurora came down a little bit compared to January (avg. $1,317,103), the February average of $1,238,894 still reflects a 33.5% increase compared to last year ($928,239). So why did prices come down in Aurora? Aurora is a small market with homes from $800,000 to 8 Million. Therefore the average can sometimes be misleading, depending on what kind of homes (e.g. Townhomes vs Estates) have sold.

More Inventory to expect

From Toronto to Hamilton to Oshawa to Barrie, all markets are in great shape. But I do expect more inventory coming up within the next 4 weeks and we could experience a moderate softening of the market. But as a Seller you will still get a great price for your home and as a Buyer, there will be more homes to choose from.

As always, if you have any questions, if you'd like to talk about our local Real Estate Market or if you'd be interested in a free and no obligation Market Evaluation of your Home, please don't hesitate to reach out. I'm looking forward to chat with you!

Kind regards,

Vincent Bongard