Slow Month for Aurora, Newmarket up - September Market Report

After a strong August, the average home price in Aurora has dropped from $932,872 to $807,421 in September (minus 13.4%). Nothing unusual, as we've seen Aurora's prices going up and down throughout the year. We're looking at a relatively small market where the average price can easily be affected by one or two big sales. What surprises me more is the amount of homes being sold: Only 58 versus 83 in August. But keep in mind, in September 2017 only 48 homes have sold in Aurora. Although currently at a lower price point, the market is more active than it was last year.

Newmarket remains stable. The average price went up from $752,361 in August to $773,422 in September (plus 2.8%). Almost the same amount of homes have sold (95) as in the month before (94). East Gwillimbury is slightly down by 4.85%. In September the average home sold for $749,553 (August: $787,773).

Throughout the entire GTA and Toronto, the prices are up 2.9% in comparison to September 2017. It is expected that The Bank of Canada will raise its benchmark interest rate on October 24 again. This could result in some already approved buyers making a decision before the end of the year.