Strong Prices in Aurora/Newmarket - May Real Estate Market Report

I hope you're enjoying the finally nice summer weather. Just like the temperatures, our local Real Estate Market is heating up too. It all points towards a "Spring Market" in summer.

Aurora Prices 9% up, Newmarket 14.4%

In Aurora the average home price in May was up 8.9% on a year-over-year basis, from $830,668 to $904,510. A detached home sold for $1,184,099 on average, which represents an increase of 14.4% compared to May 2019.

In Newmarket, where the average home cost $851,510, prices are up 14.4%. The number of transactions is still affected by COVID-19, but sales are increasing. While in April only 45 homes have sold, there were almost double the transactions (88) reported in May. In East Gwillimbury prices have increased by 6% on a year-over-year basis (2020: $860,292 / 2019: $811,017).

Sales are picking up

Throughout Toronto and the GTA, a total of 4606 sales was reported on the MLS System. While this is 53.7% less than last year, it's significantly more transactions than in April (2975). The average home price ($863,599) is up by 3%.