More Sale Signs in Aurora?

Dear Renovating Realtor: I have a two part question for you. I live in Aurora and I am seeing a lot more for sale signs in various neighbourhoods around town, are there neighbourhoods in Aurora that are selling better than others? Also, why is it that Aurora homes seem to be more expensive then other towns? My girlfriends and I have debated this over a game of cards and would like you to weigh in.
-Sincerely, Local Dog Walker

Hi Dog walker! Yes you are correct, there is an increase in homes for sale. Economists are predicting that we may have finally rounded the corner of the market slump we experienced after the springtime boom of 2017. Year to date, Aurora has had a total of 448 home sales and has had more then 1300 listings. In comparison to the same period last year there were 656 home sales and 1400 listings. 2018 is already almost at par with 2017, that’s great news!

The Toronto Real Estate Board (TREB) breaks up Aurora into 10 large neighbourhoods. The two highest selling areas in the first quarter of the year are Aurora Highlands and Bayview Northeast. Aurora Highlands is in the west part of Aurora roughly Wellington to Henderson, this neighbourhood experienced a total of 31 sales in the first quarter. The second most selling neighbourhood is Bayview Northeast, this community is part of the newer developments that are across from the Magna headquarters, showing a total of 30 sales in quarter one. Also, in case you were curious, the highest selling street in Aurora is Hollidge Blvd. That street alone has had a total of 17 sales on it.

Why is Aurora more expensive then neighbouring communities? That is a tough one as there is a lack of data to explain this trend. Aurora appears to carry a higher price tag then surrounding areas and I would attribute this lot and home sizes as well as supply and demand. Demand exceeded supply for many years, which in turn kept prices higher, which remained the case even when stock increased with new build developments that have accrued over the years.

I hope this information gives you some insight into the Aurora market, and perhaps a way to wow your friends at your next card game!