Listings down, Newmarket Prices up - August Real Estate Market Report

In August the market has taken its regular summer breather but demand for home ownership remains strong. Throughout Toronto and the GTA, the number of listings was down 43% (August 2021: 10,609 / 2020: 18,599), but the average price of $1,070,911 was up by 12.6%.

Newmarket Prices over $1.1 Million for the first time

York Region remains a very strong Seller market: The average price of $1,104,770 reflects a new record for Newmarket and a 18.6% increase on a year-over-year basis. A detached home in Newmarket cost $1,271,443 on average in August.

In Aurora, prices were up 15.5% compared to last year. However, the average price of $1,176,830 was 4.4% lower than in the previous month of July ($1,231,280). Same in East Gwillimbury where prices in August came down 4.7% compared to July. But on a year-over-year basis, the average price of $1,285,711 was 33% higher than in 2020.

High demand, low interest rates

Traditionally there will be more inventory coming up again in September and October but I expect demand to remain strong. And the Bank of Canada has left the overnight rate unchanged this week and it is expected that interest rates won't change much until next summer. There are currently variable rates available as low as 1.25%.