If you’re a potential buyer of a home in York Region, you may be relieved to know that the Toronto Real Estate Board recently released their numbers and York Region has seen their home prices actually plunging. York Region is seeing more price drops than any other GTA community.
We are all familiar here in Markham, with the frenzied real estate market that Toronto and the entire GTA has experienced during the past few years. It was only natural to have some sort of price correction. TREB’s report listed eight GTA communities having had prices drop at least 20% since April this year and in York Region, five of its communities are of the eight.
Whitchurch-Stouffville had the largest price drop of 26 percent, with detached home prices now averaging $1.025 million. Newmarket is next on the list.
As for Markham, it came in third, tied with Aurora, where prices have dropped 23 percent. The average detached home in Markham sells for $1.319 million, which is still a pretty steep price point, despite the drop.
According to ZOLO, prices are somewhat similar to where they were about a year ago, with a slight decline. Their numbers, updated up until October show the average price of a three-bedroom home being 1.1 million and a four-bedroom home costing 1.4 million. One year ago, the average detached three-bedroom home sold for $1.2 million and four bedrooms got you $1.5 million.
Townhouses and condos actually saw a large price increase, up to 41% in some cases.
The good news is that homes are selling for 97% selling to listing price ratio, so if you are pricing your home correctly, you can expect to get almost full asking price. As well, the average number of days on the market is only 24, so with less than a month of showings and open houses, you can sell your home for your full asking price.
Out of all the communities in the GTA (23 of them), Markham is the 5th fastest selling and is the 6th most expensive. While prices may be going down, Markham is still keeping its value in the GTA home market.
There were GTA communities where prices actually increased and that was in Halton Hills and Scugog.