Market Update

N1405P39013HBuyers Pushing There Way in

The New Year started stronger than prior year for demand in Aurora as 53 homes sold on average within 13 days, versus 21 days in 2016.  The average home price for all types of homes in Aurora was of $1,014, 351 an increase of approximately $200,000.    There were 97 homes placed for sale, compared to 72 in January 2016.  Strongest Buyers interest was in detached homes and 23 were bought up, followed by condo townhouse purchasers who bought 13;  semi-detached purchasers snapped up 7 and 1 condo apartment was sold to round out the month’s activity.  Last year, there was a maximum focus from Buyers on detached homes for sale and we see the interest has spread across more home type offerings in January 2017.  Due to the consistent rising of average sales pricing, budget allowances could be behind the shift in the type of homes that are being bought.  Pre-qualifications under CMHC guidelines are more cautious, new rules for homes priced above average, new rules on investment properties etc. still haven’t dampened Buyer confidence.  The demand remains high with low inventory driving the prices higher and not driven alone by foreign investors.  Judging from high open home Buyer traffic and multiple offers steadily occurring so far in 2017, Aurora is off to a blazing start.

-written by Connie Power

Connie POWER is a Real Estate Sales Representative SRS® Seller’s Representative Specialist ABR® Accredited Buyers Representative SRES® Seniors Real Estate Specialist with RE/MAX Hallmark YORK Group Ltd., Brokerage. Connie has also been promoted as New Agent mentor and Development.  If you are considering buying or selling in YORK region or beyond call Connie directly at (905) 726-0856 to book a confidential and customized consultation.  

*The statistics provided herein were obtained from the Toronto Real Estate Board; York Region – Aurora; Regional Housing Market Report 2016, 2017.

*Not intended to solicit those already under contract.