GREATER TORONTO AREA REAL ESTATE BLOG
York Region Real Estate Outlook
York Region Real Estate
What is happening with York Region Real Estate? Well, that depends on where in York Region you live. Prices, compared to last summer are up anywhere from 1.82% on the low end in a town like Markham to over 10% in East Gwillimbury (North East of Newmarket). While pretty much every single town in York Region has seen some sort of a gain in the overall housing market, condominiums have been a different story. In Markham, for instance, average condo price is down a whopping 4.73% compared to summer 2012, and in Richmond Hill condominium prices are down 1.61%. Those who live in Richmond Hill know very well how many condo projects there are… a short drive up Yonge street north of Highway 7 will reveal what feels like gazillion condos being put up. All this does create what I like to call “Too much competition”, which affects condominium resale prices negatively. I will leave condominium topic for now though, as I plan to cover it in details in the near future.
Which towns are booming when it comes to York Region Real Estate?
The northern parts of York Region are currently seeing bigger gains. The chart on the left shows the % gain for each town in York Region for the past year. Places like East Gwillimbury and Georgina (which includes Keswick) are in double digits territory. Places like Newmarket, Aurora and Stouffville are in 5% range, while moving south, we see smallest % gains. The reason for this is simple: Large portion of buyers are getting priced out from more expensive markets, such as Richmond Hill, where average price of a detached home stands at $762,000, and are looking for places in towns like Aurora & Newmarket.
What is in store in the near future for York Region Real Estate?
We should continue with the similar pattern for the next couple of years until the market adjusts yet again. This being said, houses (be it town homes, semis or detached) will continue to outperform condos, and I believe the gap will widen. Currently, competitively priced homes in York Region are selling within days of being listed, many above asking price. Condominiums, on the other hand are not so lucky. In the last year it took on average 32 days to sell a condo unit in Richmond Hill, while it took on average only 6 days to sell a semi-detached home in Aurora. You would think it would be the other way around, but this is a new reality and the reality that will stay with us for some time to come.
So, thanks to Toronto’s ongoing Double Land Transfer Tax and more favourable York Region Real Estate Market we should continue to see upward trend in York Region in the next year. Those properties where you own ‘a lot’ will continue to outperform condominium apartments, and I believe looking a bit more north to more affordable housing (though still keep location in mind!) will yield you a better return on your investment.
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