The Markham real estate market in 2017 will be remembered for its record setting prices during the first quarter followed by significant corrections after the government intervened with their “Fair Housing” regulations in the spring. While prices certainly dropped from their piques in April, on a year-over-year basis, prices were still up by 10.9% over 2016.
The government has also introduced new mortgage lending guidelines which took effect on January 1st, 2018 which will certainly influence the market as well, but to what degree remains unknown. Many experts are forecasting increased prices for 2018 but at a much more modest pace. It’s worth noting that the lower end of the price spectrum, such as condos and townhomes, have not been as affected compared to higher priced detached homes. The price gap has certainly narrowed to some degree. This will certainly benefit those upgrading to a larger home. One thing you’ll need to be aware of, however, is that it will now be much harder to qualify for a larger mortgage.
With interest rates on the rise, if you are planning to make a move this year, I’d recommend getting a pre-approval as soon as possible to lock in a lower rate. Additionally, the decision to buy or sell first will also have to be closely examined based on your personal scenario.
Check out the latest Markham real estate statistics for December 2017 below.
Markham Real Estate Sold Statistics During December 2017
- The average sale price in December 2017 was $979,383. Up 5.7% over the same month last year.
- The average sale price in 2017 was $1,069,085. Up 10.9% over the prior year.
- The average time it took for a house to sell was 29 days compared to 26 days the month prior and 20 days last December.
- There were 185 total sales last month. Down 34.9% over the same period last year.
- There were 286 new listings last month. That’s an increase of 37.5% and a sale to new listing ratio of 64.7%
- The month prior, the sale to new listing ratio was 35.2%.
- The average sold price for detached homes last month was $1,497,330 with 69 homes sold.
- The average sold price for semi-detached homes last month was $856,547 with 15 homes sold.
- The average sold price for townhomes last month was $860,357 with 23 homes sold.
- The average sold price for condo apartments last month was $468,977 with 47 units sold.