Strong Month for Aurora - August Real Estate Report

The end of the September Long Weekend marks the beginning of the Fall Market. But first, let's look back on August, traditionally one of the slower months in Real Estate.

Surprisingly Aurora has done quite well this August. More homes have sold than in July (83 vs. 79) and the average price has gone up from $844,047 in July to $932,872, which reflects a 10.5% increase compared to the previous month. For the first time in quite a while, the average price is now higher than what it was one year ago (August 2017: $912,595 / 2.2%).

Newmarket's prices remain stable, although August was a little weaker than July with a total of 94 Sales at an average of $752,361 versus July with 116 Sales at an average of $775,436. That's a mild decrease of 3%. Compared to August 2017 prices ($755,269), we're pretty much even.

In East Gwillimbury the market slowed down a little bit more in August. The average price for a home went from $828,298 in July (44 homes sold) to $787,773 in August (40 Sales), minus 4.9%.

With the Bank of Canada's decision today to leave its interest rate unchanged (benchmark 1.5%), there might be a few more buyers stepping forward soon as many experts predict another increase as early as next month.