The average sale price in the York Region housing market has decreased by 2.4 per cent year-over-year across all property types, between January 1 and July 31, 2024 (from $1,355,778 in 2023 to $1,323,359 in 2024).
The number of residential sales has decreased by 5.7 per cent during the same period (from 7,981 in 2023 to 7,529 in 2024), while the number of listings has increased by 21.8 per cent (from 15,104 in 2023 to 18,390 in 2024).
Looking ahead to the fall market, the average home price is the region is expected to rise by three per cent for the remainder of 2024, while it is anticipated that the number of sales will increase by five per cent.
The York Region housing market is currently balanced, with adequate inventory to meet demand and savvy buyers. Most sales include "financing or inspection" conditions, and sellers are adjusting listing price to accommodate buyers, even allowing for conditions like the sale of current properties. Homes are staying on the market longer than in previous years, spending on average 40 to 60 days total. Bidding wars and multiple buyers were common in York Region, but over the last two years, buyer confidence has decreased.
On September 4, the Bank of Canada will share its next interest rate announcement. In the event of another rate cut, buyer confidence will continue to build in the region, prompting an increase in market activity. While the initial interest rate decreases may have seemed modest, a third cut would establish a trend, likely driving increased activity this fall.
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