Strong Prices in a slower Market - May Real Estate Market Report

As we're heading into the summer months, the heated real estate market that we've experienced from January to March is gently slowing down. The average price in Aurora in May was $1,247,210 - while this reflects a staggering 38% increase on a year-over-year basis (May '20: $904,510), it's 2.4% lower than where prices were in April of this year. And while in April 190 homes have sold, less sales (134) were reported in May.

In Newmarket prices came down 3% compared to April. But the average price of $1,047,793 is still 23% higher than in May 2020 ($851,510). The average price for a detached home in Newmarket is $1,183,345.

Another Record Month for East Gwillimbury

For the first time ever, the average price in East Gwillimbury is higher than in Aurora. $1,290,929 is the amount a Buyer had to pay on average to purchase a home in East Gwillimbury. The demand for larger lots and bigger backyards is a key factor why this area is thriving. Also some of the newer developments in Sharon and Holland Landing, that are now entering the resale market, are driving up the average price.

Throughout Toronto and the GTA a total of 11,951 sales were reported on the MLS system of the Toronto Regional Real Estate Board. This is more than double the result from May 2020, the second full month of the Pandemic. The average price of $1,108,453 for all types of homes combined is up 28.4% compared to last year.