New report ranks house prices, property taxes in Markham, Vaughan, Richmond Hill, Newmarket and Aurora

Zoocasa report shows York Region communities in balanced market after interest rate hikes cooled red-hot market

Yorkregion.com
Nov. 28, 2022
Lisa Queen

York Region homeowners or would-be homeowners: want an idea of the value of your property in today’s market and how your property taxes match up against other communities?

A new report from real estate company Zoocasa Realty Inc. ranked 35 Ontario municipalities on their competitiveness.

Zoocasa compared sales and new listing data for each community in October.

This data was then used to determine the sales-to-new-listings ratio (SNLR) for the month, calculated by dividing the total sales by the number of new listings in each region.

An SNLR of less than 40 per cent indicates a buyer’s market, while an SNLR between 40 and 60 per cent shows a balanced market and above 60 per cent means a seller’s market.

Five York Region municipalities -- Newmarket, Vaughan, Markham, Richmond Hill and Aurora -- were included on Zoocasa’s list and all fall into the balanced market category.

Newmarket was 18th, with an average price in October of $1,124,974, a drop of 20 per cent from the red-hot market of a year earlier.

Vaughan was 19th, with an average price of $1,251,465, a 20 per cent year-over-year decrease.

Markham was 20th, with an average price of $1,282,561, an 18 per cent drop since October 2021.

Richmond Hill was 21st, with an average price of $1,317,247, a drop of 16 per cent compared to a year earlier.

Aurora came in 22nd, with an average price of $1,363,412, a 21 per cent year-over-year decrease.

“Housing prices in Canada have steadily declined this year since the Bank of Canada began introducing interest rate hikes. The record price highs of last winter are long gone, and many markets in Ontario have experienced fluctuations in average prices, levels of inventory, and transactions,” the Zoocasa report said.

Meanwhile, the five York Region municipalities ranked well on a Zoocasa list of 35 communities comparing annual property taxes on a home assessed at $1.5 million.

Toronto came out best at $9,479.

But Markham was right behind in second place at $9,675.26.

Richmond Hill was third at $10,059.75 and Vaughan fourth at $10,241.76.

Aurora came in eighth at $11,701.08 and Newmarket was ninth at $12,159.42.

In 35th place was Windsor at $27,806.40.