Newmarket 2022 Real Estate Market Review and 2023 Forecast
Today I’d like to share will you 2022 real estate market here in Newmarket in GTA, Also I compiled forecasts from several institutions to give us some idea of what 2023 Canadian Real Estate will hold in store? Let’s get into it!
Newmarket 2022 Real Estate Market Review – Price
2022 Newmarket Average Home Price come to 1.22million / unit, this is the record highest price we ever see in history. If we take a closer look the into monthly data, we will see the average home Price peaked at 1.4Million in Feb 2022 and since then started to pull back, the average home price came to 1.05/Unit Dec of 2022.
Newmarket 2022 Real Estate Market Review – Sale
2022 total 1135 Units were sold in Newmarket, the lowest sale in recent 20 years, close to 3 sale bottoms happened in 2001, 2008 and 2018. We know 2022 rate hikes hurt people’s affordability to buy a house, which may explain why the sales decrease 40% than 2021.
Newmarket 2022 Real Estate Market Review – Price rising Slow down
Average Home price in 2022 increased 10% comparing with prior year, and home price in 2021 increased 24% comparing with 2020, Which tell us the market is cooling down.
Where are we? The Dec average price 1.05m/unit is the bottom in 2022, but still 25% higher than pre-covid level, I know People will ask are we bottom up? I don’t have a crystal ball to know what exactly will unfold this year, but I believe the Experts’ forecasts can give us some hint.
Newmarket 2023 Real Estate Market Forecast
- CREA forecast 2023 home price go flat with 0.2% annual increase. Although the home price has fallen from their peaks while the Issue of Not Enough Homes fa Sale has Not Gone away
- Royal LePage forecast 2023 house price go down by -1% , they expect year-over-year comparisons to show progressively less price decline as the year goes on, with small week-to-week improvements in the third and fourth quarters, allowing Canadian home values to end 2023 essentially flat to where we are today Link
- RE/MAX forecast 2023 house price go down: -3.3% Link
- While TD forecast house price go down: -10.7%, their forecast calls for average prices to only partially retrace their pre-pandemic gain when they eventually bottom. Yesterday’s Provincial Housing Market Outlook, Home Sales and Prices Should Find Their Bottom This Year, they Canadian average home prices are also projected to bottom out in early 2023. Link (data)Link (commentary)
- RBC forecast 2023 House price go down: -8.5% Link (data)Link (commentary)
- Fitch Ratings Forecast 2023 National Home price go down: -5-7% Link
Please note the forecasts above is on the national level, Newmarket might present some different features in 2023 . I believe there are reasons to be optimistic looking ahead in 2023, particularly now that the Bank of Canada is nearing the end of this rate-hike cycle, and may even be there already.
Last let’s talk about what the Seller and Buyer need pay attention to in 2023
I think Seller should Be Prepared as early as possible for their listings so they can take seasonal advantages!
Spring activity gets more robust in recent years, before covid May and June are most time the best season for sale, but nowadays the good month start as early as Feb. I study 26 years of historical transaction data in Newmarket, I found there are 3 best seasonal chances for listing in the year: Feb-Mar, May-Jun, and Sep-Oct. The seller need these bestselling seasons and catch the most customers. It totally makes sense to prepare as early as possible if you plan to Sell your homes.
2023 will be a good year for Buyers to find Nice Deals
2023 will be a good year for Buyers since the market slow down and the bidding war almost disappear. I will suggest buyers pay more attention to mortgage preparation, and follow the market since inventories are running low and new listings will be less than 2021.
Ok. That’s all for today! Thanks for your watching! I will continue to follow Newmarket Real Estate and share with you on this channel.