Prices back to Fall '21 - May Real Estate Market Report

The average home price in Aurora in May ($1,452,574) has dropped a further 3.25% compared to the previous month. Since the peak of the market in February (avg. $1,633,259), home prices have come down 11%, but on a year-over-year basis they are still up 16.5%. We are now seeing the price level back to where things were in late fall of 2021.

40% fewer Sales

In Newmarket the average price for a home in May was $1,190,498 - 6% lower than in April, but 13.6% higher than 12 months ago. There were approximately 40% less homes that sold compared to last year (2022: 119 / 2021: 210). The price drop was bigger in East Gwillimbury, where the average price of $1,365,757 in May reflects a reduction of 9%.

Bradford prices ($1,245,212) are up 13.4% compared to last year, but down 3.5% in comparison to April.

Balanced Market Conditions

Throughout Toronto and the GTA a total of 7283 Sales were reported through TRREB's MLS System; 38.8% less than last year. The average price for all types of homes combined was $1,212,806. That's up 9.4% on a year-over-year basis, but down 3.3% compared to the previous month. This is now reflecting more balanced market conditions. With interest rates on the rise and still a lot of inventory on the market, we believe that prices will still go down further. Once inventory starts to thin out over the summer months, we could see some kind of stabilization or maybe even a turnaround.