Newmarket Prices down, Aurora holding strong - August Real Estate Market Report

The traditionally slower summer market has produced some declining prices in certain areas of the GTA. But overall on a year-over-year basis, prices have remained stable.

The average price for a home in the GTA was $1,074,425 – 0.87% less than last year ($1,082,881). The total amount of Sales (4975) was down 5.3% compared to August 2023 (5251).

More days on the Market

The biggest difference noted is the amount of time it took for homes to sell, which went from 28 days to now 44 days on average per property. Home Prices in York Region were down 3%.

Newmarket down 16%

The decline in Newmarket, where the average price came down from $1,248,400 to $1,048,750 (-16%), was more significant.

Aurora didn’t see much change compared to 12 months ago: the average price in August was $1,429,811 (-2.2%).

EG and Bradford similar

The market in East Gwillimbury and Bradford moved in a similar fashion. Prices in EG decreased by 7.4% from $1,370,000 to $1,269,585. In Bradford the average price went from $1,100,150 twelve months ago to now $1,026,242 (-6.7%).

Increased market activity expected

New listings (12,547) on the Toronto Regional Real Estate Board (TRREB) were up 1.5%. “Even as demand picks up, especially in 2025, it will take time for the inventory to be absorbed”, says TRREB Chief Market Analyst Jason Mercer. But with more rate cuts by the Bank of Canada on the horizon, increased market activity can be expected.