Low Inventory, Aurora's Home Prices up - January Real Estate Market Report

"The Spring Market starts in January", is a common saying in Real Estate. And in 2020 it's more accurate than in previous years. A lack of inventory has created tighter market conditions and we're heading back towards a Seller's Market.

Aurora Prices 5% up

While there were a total of 208 active listings in Aurora in January 2019, there were only 137 this year. High demand and low supply cause prices to rise. The average price for a house in Aurora ($896,640) was up 5.2% on a year-over-year basis. Detached homes sold on average for $1,088,715.

Very Low Inventory in Newmarket

Despite higher population, inventory in Newmarket was even lower than in Aurora: only 97 active listings through January compared to 249 one year ago. The average price remained pretty much the same (2020: $747,725 / 2019: $750,590). But the price for a detached home ($886,463) went up by 3.7%. The average sale price in East Gwillimbury dropped by 8.6% to $833,129.

Toronto Real Estate Board reports strong numbers

Throughout Toronto and the GTA a total of 4581 sales were reported. That's an increase of 15.4% compared to last year. The average price went up by 12.3% on a year-over-year basis to $839,363.