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What’s next for real estate in York Region?
In January 2023, the BoC once again raised its policy interest rate, from 4.25% to 4.5%. At the time, the Bank said it expected to pause interest rate hikes for a while.
As interest rates settle and York Region home prices begin to level off, buyer interest is beginning to grow again. “Currently, there’s more activity on the buyers’ side, from those who were sitting on the fence but are now re-entering the market,” says Gilbert.
Despite the fact that home prices have flattened in some areas of York, high interest rates mean that mortgages remain more expensive than they were at the start of 2022. Although buyers are trickling in, the progress of the market will likely stay slow. Some buyers may choose to act on the Bank’s optimistic signal, while others may need to wait until mortgage affordability improves.
Gilbert expects a gradual return of the real estate market. “It’s likely that the much-anticipated spring market won’t play out like last year’s,” he says. “Conditions are normalizing, but the market may move at a slower pace than what we were accustomed to in the past two years.”
Top neighbourhoods in other regions
York’s top three neighbourhoods
1. Vinegar Hill, Markham
Located on the east side of Markham, Vinegar Hill is a scenic and historic neighbourhood. At the end of 2022, the average home price reached $1,044,349, which was 13% higher than one year earlier, 187% higher than three years earlier and 81% higher than five years earlier. Along with this impressive price growth, Vinegar Hill is the only York neighbourhood to receive a perfect value score of 5, and its 3.7 economics score is also fairly high. The neighbourhood has several walking paths and parks, making it a great place for nature lovers and families—53% of households have children. However, driving is the main mode of transportation, so Vinegar Hill’s accessibility score is average, at 2.5.
View Vinegar Hill real estate listings on Zoocasa.
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