Old Town Hall in Newmarket Ontario
Detached homes in Newmarket sell faster than any other region in the Greater Toronto Area, according to data released by the Toronto Real Estate Board.
Once listed, homes in Newmarket are on the market for an average of just 25 days before being sold. Homes sell just one day slower – at an average of 26 days – in the quickly expanding city of Milton.
The quick pace of home sales in Newmarket and Milton may be attributed to the diversity of the communities, according to Jason Mercer, senior manager of Market Analysis for the Toronto Real Estate Board. “These are areas that have a pretty diverse array of housing opportunities, whether it be single, detached, town homes, condominium apartments or what have you, so now you’re starting to attract a potentially big segment of the population,” Mercer said.
Mercer also warns that communities with a slower pace of home sales doesn’t necessarily mean they aren’t an attractive place to live, but instead, simply cater to a small segment of the population. The Bridle Path for example, where homes generally take longer than other areas to sell, is by no means an undesirable neighbourhood. “You’re seeing an average price that’s well above what you’ve seen for the GTA as a whole. You can’t say that this neighbourhood not ‘hot’ or not ‘sought after’ it’s just that the housing types are catering to a fairly small segment of the population,” Mercer said.
The price of homes seems to be increasing as well as demand seems to outpace supply. According to the Toronto Real Estate Board, the average price of a home is growing. “The low months of inventory over the past two years resulted from very strong sales relative to the number of homes listed. In 2011 in particular, there was a shortage of listings in the GTA. We continue to experience tight market conditions and considerable upward pressure on the average selling price,” said TREB President Richard Silver. Though the price of a home is expected to grow approximately 4 per cent in 2012 – to $485,000 – the Toronto Real Estate Board says it will still be affordable for the average person.
Source: GlobalToronto.com
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