Record Prices in Aurora - January Real Estate Market Report

For the first time ever the average house price in Aurora has surpassed $1.3 Million. The average price for a home in January was $1,317,103 - this beats the previous record month of April 2017 ($1,271,021). Compared to last year's January (avg. $907,729), prices in Aurora are now up 45%.

During a global Pandemic. Why?

To say that we are surprised by those prices would be an understatement. However, taking a closer look at 3 specific factors helps to understand why the market is thriving right now:

1. Low Interest Rates: it has never been cheaper to borrow money.

2. Low Inventory: many people don't feel comfortable putting the house on the market during a pandemic. A lot of people also work from home currently, which can make it challenging to accommodate showings. Simply put: there are currently not enough homes for sale.

3. High Demand: we've been noticing more Buyers coming from the City, moving to York Region (or Durham and Simcoe). Being stuck at home - and working from home -, people have a need and desire for more space, a bigger home, a decent backyard and maybe even a Pool.

Newmarket Prices 37% up

In Newmarket, where the average home in January cost $1,040,458, prices have increased by 37% on a year-over-year basis (January 2020: $757,303). The average price for a detached home was $1,179,691. Similar to Newmarket, the prices in East Gwillimbury are up by 36% (2021: $1,137,182 // 2020: $836,662)

Toronto/GTA: Sales up by 50%, Prices 15% higher

Throughout Toronto and the GTA a total of 6928 Sales were reported on the Toronto Regional Real Estate Board (50%). The average sale price of $967,885 for all types of homes was up by 15%.