Newmarket's real estate market is considered "balanced" in supply and demand, according to a new report from Zoocasa. However, the report also found that the average home price is over $1 million.
The report looked at sales and new listing data from October for 24 markets throughout Ontario, including Newmarket, Aurora, Vaughan, Markham and Richmond Hill.
The number of sales in each market was divided by the number of new listings to find a ratio representing supply and demand in each area. A ratio below 40 per cent is considered a buyer's market with supply outweighing demand, between 40 and 60 per cent is a balanced market with equal supply and demand, and above 60 per cent is a seller's market where demand outweighs supply.
Newmarket's ratio is at 58 per cent, making it a balanced market.
This is a departure from the same time last year, when Newmarket was considered a seller's market with a ratio of 78 per cent. Across Canada housing prices have dropped since the Bank of Canada hiked interest rates, Zoocasa said.
Despite the decline, the average house price in October in Newmarket was still over $1 million, at $1,124,974.
Compared to other municipalities in York Region, this is the lowest average price, and all the ones included in the ranking are considered balanced markets.
Zoocasa found that Vaughan has an average price of $1,251,465 and a sales to new listing ration of 48 per cent. Markham's average price is $1,282,561 with a 55 per cent ratio. In Richmond Hill, the average price is $1,317,247 and the ratio is 51 per cent. Finally, Aurora has an average house price of $1,363,412 with a 53 per cent ratio.
The report found overall that all the markets in the Greater Toronto Area were balanced last month, but sellers were still favoured in Guelph, Sault Ste. Marie, Thunder Bay, North Bay and Sudbury. The only buyers market is in Niagara Falls.
The vast majority being balanced markets indicates a stalemate, Zoocasa said, between sellers and buyers with interest rate hikes impacting financial decisions.
