Moderate Start for Newmarket and Aurora - January Real Estate Market Report

The average sale prices in Newmarket and Aurora in January have been slightly lower than the year before. In Newmarket, the average price for a home was $750,590, which compared to January 2018 ($785,688) is a decrease of -4.5%. On a positive note, the prices have gone up compared to December (avg. $691,797).

Aurora's average home price this January was $852,428 - this is 3% less than in January 2018 (avg. $879,078). 54 Homes have sold, which is a few more than in Newmarket (49). Compared to a surprisingly strong December (avg. $936,741), Aurora prices have come down in January.

East Gwillimbury on the other hand recorded a strong start into the new year with an average sale price of $911,341. That's an increase of 8.5% compared to last year's January. Although we're only looking at 22 homes being sold, half of them are new homes that hit the market after completion.

Regarding the Interest Rates, no hike is expected until the summer, which is good news and hopefully gets our local Real Estate Market back in gear. RBC, Canada's largest bank, has even lowered its fixed-term mortgage rate recently.