Single-family homes in the GTA, where Newmarket resides, saw prices decline for the second month in a row.
Single-family homes fell from an average of $1.393 million to $1.374 million from August to September. Apartments saw an increase from $725,400 to $728,400, while townhomes also saw an increase from $855,000 in August to $856,300 in September.
“While data is not available on how many buyers are choosing condos/townhomes versus detached homes in the Greater Toronto Area, the data suggests that prices for detached homes are increasing at a faster rate than other property types,” Rose said. M. Sorbera of Red Apple Real Estate in Newmarket. “This may indicate that buyers are moving towards more affordable options such as townhouses and semi-detached homes.”
Despite being a deep first-time buyer’s market in 14 years, Toronto home prices have continued to rise on a monthly and yearly basis, Sorbera said.
“Buyers seem to be moving toward freehold homes more than detached homes in the GTA,” she said. “However, there is no clear indication on whether buyers will move more towards apartments or townhouses in September and October 2023.”
Overall, Canadian home sales fell 1.9 per cent in September compared to August, the Canadian Real Estate Association reported last month. However, sales increased by 1.9 percent compared to September 2022.
“It is possible that factors such as higher borrowing costs, lack of affordability, and uncertainty played a role in the decline in sales,” Sorbera said. “Other factors that can affect home sales include comparable home values, the age, size and condition of the property, the location and attractiveness of the neighborhood, and the health of the overall housing market.”
It’s important to note that these are just some of the possible factors that could have contributed to the decline in home sales from August to September, Sorbera said. Other factors may also be considered.
According to zolo.ca, the median home price in Newmarket as of October 2023 is $1,166,356 with 182 new listings in the last 28 days. The average days on market for a home is 23 days. The same source reported that the median home price in Toronto as of October 2023 is $1,132,382 with 5,901 new listings in the last 28 days. The average days on market for a home is 20 days.
“Although I could not find any data on seller/buyer trends in Newmarket and surrounding areas compared to the GTA as a whole, it is worth noting that the GTA real estate market has been experiencing a slowdown since June/August 2023,” Sorbera said. “According to RE/MAX Canada, the median sale price of a single-family home in the GTA has fallen to $999,500 from over $1 million as of June/August 2023. However, it is important to note that this is just an average and could Prices vary depending on location and other factors.
Sorbera says it’s difficult to predict with certainty whether the housing market will rebound with sales rising again in the coming months.
“Toronto’s real estate market will continue to evolve, and this will be driven by various economic factors and trends,” she said. “While it is difficult to predict what will happen in the future, my recommendation is to stay updated on current trends and data from reliable sources like TRREB.”
In Ontario, sales volumes declined in the Greater Toronto Area, but rose in Kitchener-Waterloo.
“What happens next will depend on interest rates,” Sean Cathcart, chief economist at CREA, said in a press release. “Whether that means uncertainty about the possibility of raising interest rates, or just the cost of borrowing money right now, neither will happen.” “The issue will be resolved for potential buyers anytime soon. As such, we expect a quieter than usual winter with all eyes on the Bank of Canada.”
