Newmarket Home Price Trend
What is Newmarket Home Price Trend in 2022:
The home price in Newmarket hit a record high in the first quarter of 2022, since then the market started to cool down. mainly due to more than expected interest rate hikes from the Bank of Canada. The latest data shows that the housing prices in Newmarket in Oct 2022 reached an average of 1.14 million per unit!
Since breaking out of Covid-19 from 2020 to almost closing to an end in 2022, Newmarket attracted more people from downtown Toronto and other areas of GTA, and I guess the following reasons for the city speak for themselves :
Newmarket was the city with easy access to everywhere within One Hour Drive, meeting the new housing requirement of millennials! Newmarket is such a location highly recognized pre-covid and more cherished in the post-pandemic era, the best place to balance crowdedness and peacefulness!
The positioning of the city center has enabled Newmarket with more new housing supplies, and nicer infrastructure with convenience. which makes the high absorption rate from huge demands possible. It's obvious the Missing middle-sized homes with around average price were big price appreciation winners in this period!
More Asian-styled supermarkets and retail businesses have appeared in Newmarket and Aurora area, and more population migrated from the City of Toronto, Richmond Hill, and Markham.
Have is a S.I.P of Real Estate Market in Newmarket
Sales in Units
Inventory Units
Price CAD/Unit
The Newmarket Home Price Trend in Recent 26 years
The Newmarket Home Price Trend in Recent 26 years:
Observing the recent 26 years of the home price trend in Newmarket, from 1996 to the present, the average unit home price increased 6.6 times from $200,000 in 1996 to t $1.32 million in 2022, annualized growth of 25%. If we divide it into 5 phases we might be able to feel the dynamic in different cycles:
- 1996-2001, home prices rise moderately, with an annualized price increase of 4%
- 2001-2006, home prices continued to rise faster, with an annualized price increase of 7%
- 2006-2011, home prices were experiencing the 2008 financial crisis and moved sideways; but overall still with an annualized price increase of 5.5%
- 2011- In 2016, housing prices rose aggressively, with an annualized price increase of 17%;
- from 2017 to Q1 2022, the housing prices fluctuated violently, with an annualized price increase of 11%, followed by hitting a record high at that time in 2017 with a sharp dive and staying low for two years until rocketing to the historical peak in Q1 2022.
Newmarket Home Price Trend of the next 5-year cycle starts in 2022.
Peaked in Q1 2022 and starting to cool down in Q2, Newmarket Home Price, in the short term, is facing high pressure from the price adjustment. If you need our Free Semi-Monthly Update of Newmarket Real Estate you can subscribe by filling your name and email:
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