Real Estate is Going to the Birds You’ve likely seen an…
Persistent Demand for Homes in Aurora and Newmarket
Buying or Selling a Home in Northern York Region?
This winter and now spring, there’s a steady volume of buyers driving up the highways from Toronto to check out Aurora and Newmarket. And they’re delighted with what they find, excepted for the prices which have jumped over 30% in the last year.
Demand in Aurora and Newmarket will grow, particularly as word gets out about new housing developments in Aurora and new homes for sale in Newmarket. The Toronto housing crisis is driving building and prices of homes and condos here, yet newcomers are impressed with the quality of living the area offers.
If you’re investigating the Aurora and Newmarket or anywhere in Northern York region to buy a detached home or condo, you won’t be disappointed at the lifestyle in these quaint cities. Andas this most recent updated market report for 2017 suggests below, prices are appreciating and availability is being squeezed.
There are new housing developments here, some quite large, however most have already been sold out. It’s a seller’s market here like no other in York Region.
If you’re interested in buying or selling, send me a quick note in the form below and I’ll have an experienced and friendly realtor contact you. She’s very nice and you’ll enjoy her easy going approach. No Pressure!
If you’re hoping to sell your home (at over asking?), consider having me help you build strong demand for your home online and with a private MLS listing. I may be a good alternative to a local Aurora or Newmarket realtor. I offer a very powerful selection of Digital Marketing Services. Rather than the realtor hiring me to do all the work, why not go direct and save tens of thousands in commission?York Region is forecast to grow to a population of 1.79 million and employment of 900,000 by 2041 Click To Tweet
Population Growth to Boost Demand for Detached Homes
The Aurora/Newmarket area is a special urban zone just north of Toronto, Canada, surrounded by development-blocked scrubland called green space. This scarcity of usable, development land for housing is the number one driver of skyrocketing prices in these two towns and a current housing crisis for many residents. For investors and speculators alike, this region is worth a good look.
You’d be hard pressed to find anyone who doesn’t believe the housing market in the Aurora, Newmarket and Bradford area won’t boom for some time. Huge new housing developments being built currently on the west and east sides of these much desired towns are providing hundreds of new homes for sale. Those new properties are hot commodities.
This is testament to the popularity of the region and the growth in migration from Toronto and Mississauga, and from south YR to north YR. But without land, homes can’t be built.
Here’s some eye opening stats on how single detached home prices and listings have changed in the last 12 months in the Aurora, Newmarket, Markham, Richmond Hill area to give you some perspective before we continue.
|Sales Chart 2016||York Region Detached Home Sales Comparison September 2015 to 2016|
|City||Average Selling Price September 2015||Avg Selling Price March 2017||YOY Price Growth||Avg DOM 09/2015||Avg DOM 09/2016||New Listings||Active Listings||Avg Selling Price / Listing Price|
|Bradford E Gwillimbury||$650,324||$1,166,594||33%||30||26||58||60||101%|
Ontario Government – Places to Grow and Urban Intensification Act
Will mounting pressure on the Ontario government force the increase of more land for development? Will the lack of housing stock for resale jump prices another 28% in 2017, and throttle the market here in York Region? My guess is the slowdown forecast by expert housing analysts won’t happen until late summer next year. The Ontario government’s urban intensification plan and places to grow program will provide strong upward pressure on prices in Aurora, Markham, Richmond Hill, Stouffville and Newmarket. This is by design.
People want to live in Newmarket and Aurora and improving roads in the region will at least offer the illusion of a nice to commute to work yet the truth is, roadways have also been constrained along with housing development. Buyers are hoping and waiting for new listings in Aurora/Newmarket but the wait may be long. Just this summer the Ontario minister of Finance announced new rules that intend to restrict development even more.
Bryan Tuckey, president of the Building Industry and Land Development Association (BILD). “The net effect will be higher housing prices across the board.”
Home Prices in Aurora ON
This comparison of prices and DOM of the neighbourhoods in Aurora below should highlight how things have changed just in the last 15 months. The average home price in Aurora Estates has risen $250,000 and in the Hills of St Andrews, up a whopping $450,000! Since active listings are down this year, it suggests home prices will rise further in 2017. Will they rise through to 2020? As long as the Toronto market remains hot and overpriced, demand will keep spilling into Markham, King, Vaughan, Stouffville, and Aurora.Single detached homes have jumped 28% in value in the past year alone in Aurora and 25% in… Click To Tweet
While new construction developments on the east side are available, there is no room to grow. Price pressure will be enormous through 2020 and beyond. If prices have risen 22% in the last, we can safely project that demand will continue through 2020 if the Toronto economy and the US economy should hold during that time.
Prices are rising fast and many homeowners who previously wouldn’t sell are finally coming to the conclusion that now is the time to sell. But the market isn’t about about to die. Even with the governments acting to add taxes and raise mortgage qualification requirements, the demand for homes in Aurora and Newmarket is high. Lately, Aurora home prices have risen faster than any other municipality in the Toronto area.
New Home Construction Developments in Aurora ON
St John’s Forest – Mattamy Homes sales office not open yet
Treasure Hill – Time Village on 25 Mavrinac Blvd. Aurora, ON
Aurora Trails – Arista Homes Sales Center at corner of Wellington St. and Mavrinac Blvd Aurora, ON
Newmarket Home Prices 2015 to 2016
A look at Newmarket home prices in the last 15 months might help us determine what kind of price increases and availability will mark the 2017 selling season. Newmarket homes sell for about $400,000 less than in Aurora, however, as more homes are sold in Copper Hills in east Newmarket near the 404, and new developments north of St Johns Sideroad, and in Glenway estates (former Glenway golf course), the average home price should rise.
Newmarket New Home Construction Developments – New Homes for Sale
Are you on the hunt for new homes for sale in Newmarket?
Copper Hills Phase 4 – Sales office at 1035 Poppy Lane, Newmarket
Glenway Phase II – Andrin Homes and Lakeview Homes presentation centre at 26 Lesmill Rd #3, North York.
The housing stock is predominantly new and categorized as luxury real estate as you can see in the Aurora homes galleries, the prices put Aurora and Newmarket homes in that category. Take a look at this gallery of Aurora luxury homes and you’ll see what’s typically available for $1.5 million to $8 million here. You’ll find some beauties in what are spectacular neighbourhoods providing an unparalleled quality of life.
Please do read the Toronto Real Estate Forecast to get up to date on the factors that are pushing Southern Ontario real estate prices up. The major reason is a huge demand for housing in general and for single detached homes in general. Millennial buyers in particular are eager to leave their parent’s homes and buy, yet prices are staggering. Previously, availability in Newmarket and Aurora were severely constrained yet price hadn’t quite jumped yet. Now prices are shooting up fast because buyers and investors are learning more about these towns. Given how desirable living north of the Green belt is, buyer demand will continue.
Demand for homes in Aurora and Newmarket will likely not abate for some time. Speculation may increase considerably in the next few years since it’s believed the Ontario government will not alleviate the places to grow legislation. There is talk about how something has to give as discussed in this article in York Region News, yet prices will likely not fall anymore than they’d fall in other popular locations. The GTA is growing and York Region is slated for growth as part of the provincial government’s plans.
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