York Region Prices up 9% - February Real Estate Market Report

Prices and Sales in the GTA were up in February. The average price in York Region was $1,324,423. This is the highest since September and 9.4% up compared to January. The number of Sales was also up from 775 in January to 1043 in February (+34.5%).

(Data Source: TRREB Market Watch)

Big jump in Aurora

The average home price in Aurora was $1,444,818 (highest since August 2023). That's an increase of 18% on a year-over-year basis and 20.6% higher than in the previous month (Jan '24: $1,198,012). Sales in February (71) almost doubled compared to January (38).

Newmarket prices rose by 5.2% on a year-over-year basis. The average price in February was $1,235,545. East Gwillimbury (avg. $1,319,014 / +7.2%) and Bradford (avg. $1,105,563 / +5.7%) prices are also on the rise.

GTA: Sales up 18%

Throughout Toronto and the GTA a total of 5607 sales have been reported on the MLS System. That's 17.9% higher than last year (4754) and a 32.8% increase compared to January (4223). The average price for all types of homes combined in the GTA was $1,108,720 (+1.2%).

Rates expected to come down in summer

It seems that Buyers are entering the market with confidence again. More properties are receiving multiple offers and are selling above the asking price.

For March I do expect prices to remain at this relatively high level or potentially still go higher, unless inventory picks up significantly. As for the interest rates: today the Bank of Canada has held its key interest rate at 5% for the fifth consecutive time. It is expected that the BoC will lower the rate in June or July.