Low Sales and Inventory, Stable Prices - October Real Estate Market Report

Prices in our area seem to have stabilized since July. The average price in York Region in October was $1,258,610 - which is slightly higher than in September. After the significant drop between February and July, we are now back to the price level that we saw in Summer of last year.

(Source: TRREB Market Watch)

The average home price in Aurora also went up compared to September ($1,230,281) and currently stands at $1,363,412. That's 3.6% lower than one year ago. And while in October of 2021 a total of 112 homes have sold in Aurora, there were only 61 transactions reported this year. This reflects a 45.5% decrease in sales and confirms what the Toronto Regional Real Estate Board is reporting: throughout Toronto and the GTA a total of 4961 properties have sold (on the MLS System) this October, versus 9743 in October '21 - sales are down 49.1%.

Newmarket and East Gwilimbury prices down 4.5%

In Newmarket prices have also slightly gone up compared to the previous month, but are 4.5% down on a year-over-year basis. The average home price in Newmarket in October was $1,140,340. In East Gwillimbury a house cost $1,292,152 on average - also 4.5% down compared to last year. Bradford prices (avg. $1,042,792) are down 9% compared to last October ($1,146,625). New listings were down by 11.6% and at the lowest level for October since 2010.

Balanced Market despite higher Interest Rates

Although the Bank of Canada has raised its benchmark interest rate four times in the past five months at a total of 2.75 basis points, the home prices haven't dropped much since, which I view as a positive sign.