Affordability continues to be one of the primary factors driving the increase in home sales north of Markham. Aurora and Newmarket are popular communities to live and raise a family. In 2011, 1,397 homes were sold in Newmarket within an average of 24 days on the market. 970 homes were sold in the town of Aurora within an average of 25 days on the market.
Whitchurch/Stouffville, Aurora and Newmarket’s property values increased by 28.4% and 27.8% respectively over the last five years which, outpaced all other communities north of Markham.
In 2011, Aurora experienced an average price reduction of 7% compared to 2010 however; the upper-tier market ($1M+) was not adversely affected. The Hills of St. Andrew’s average selling price increased by 11% and Aurora Estates increased by 4%.
Real estate values in the Townships of Georgina and Brock (excluding waterfront properties) are still very affordable and continue to attract first-time homebuyers, young families and retirees to the area. The demand in these two areas will continue to rise once the Hwy 404 extension to Ravenshoe Road is opened in the spring of 2013. This will cause prices to climb at a faster pace than experienced over the last five years.
Average House Prices – 2011 Year End
|Area||2006||2011||5 Year Change|
(Note: Includes all types of homes – detached, semi-detached & freehold townhomes)
Detached Median Home Price
(Figures reflect prices in the month of December 2011)
Lake Simcoe – Waterfront Prices
Georgina – There were 50 waterfront properties over $300,000 sold in 2011. The mean average price of waterfront properties in 2011 was $486,682, which was down by approx. 35% from 2010.
Beaverton – The mean average price of waterfront properties was $598,667. There was no change from the previous year.
Real Estate Tip: Homeowners should pay very close attention to home prices in their immediate area and not rely upon general market data when determining your homes current market value.
**Statistics obtained from 2011/2010 & 2006 Market Watch Reports, published by The Toronto Real Estate Board.