How Much Is a 3-Bedroom House in Newmarket
If you’re looking at buying a new home in Newmarket, this article will help you understand more about the city of Newmarket, the current price trends, and when is the best time for you to purchase a home.
The City of Newmarket
Newmarket, Ontario is a city located 50 km north of Toronto. Located conveniently between highways 400 and 404, Newmarket is easy to access if you work or spend time in the GTA. While considerably far from Toronto proper, Newmarket is part of the Greater Toronto Area (GTA) as one of the nine cities in the York Region. Newmarket has a population of 91,000, most with less than a 30 minute commute to work.
The majority of Newmarket residents work in the York Region thanks to a dynamic and thoughtful city development plan that includes an Economic Development Strategy, and a comprehensive ‘Cultural Master Plan‘ with the aim to, “…build a sense of pride and belonging in Newmarket, and to bring about positive changes in physical, social, economic and community development.”
Newmarket is also known for excellent health care, with Southlake Regional Health Care Center, specializing in cancer care in the city. There’s Upper Canada Mall, one of the region’s premiere shopping facilities, and for the outdoorsy type, plenty of parks, trails, and hiking areas.
When we see communities that have clear goals for future development, we tend to see a steady climb in the housing market, and Newmarket is no exception. But what’s truly beautiful about Newmarket is that while city council has been committed to progression, the stunning city of Newmarket has maintained its New England charm.
Newmarket Real Estate
Like the vast majority of the GTA, Newmarket home prices are on the rise and continue to climb. While historically, new 4th quarter listings tend to decline and sales prices tend to dip slightly at this point in the year, it’s still expected that heading into January 2022, prices will be considerably higher than the same point in 2021.
As of December 2021, the average cost of buying a home in Newmarket (of any size or type) had risen $295,592, from $960,370 to $1,255,962.
Even if house prices experience the typical winter price drop, it’s highly unlikely they’ll drop almost $300,000 to be on par or below costs a year ago.
What Is the Average Home Price in Newmarket
As evidenced by the data, home prices are rising, but there are strategies for getting the best price on a home in Newmarket if you’re in the market to buy.
- Consider a home purchase in the winter. Prices in December and January tend to be lower than early spring and early summer, when prices have historically risen even more than $100,000 from the previous quarter. If you’re ready to sell or make a purchase, this could be a very beneficial time for your to put an offer in on a home in Newmarket.
- Consider a mid-summer purchase, especially on larger 3-bedroom homes, when prices seem to dip. If you have a home to sell or need to do some work before you’re ready to purchase, this is an excellent time to begin working with a realtor so you can be prepared to strike when the market has cooled.
- Consider a 3-bedroom home. 3-Bedroom properties have not increased in value as 2 and 4-bedroom properties have. If you don’t need the 4th bedroom, this may be an excellent way to keep your housing budget a little lower.
In a time when real estate prices seem volatile, being prepared to jump on a good deal is exceptionally important. Justo isn’t only here when you’re ready to look at homes; we can help you get pre-approved for a mortgage, look at your individual situation, and advise you as to what you need to do to be prepared. For a free, no-obligation consultation, contact Justo and one of our friendly agents will be in touch!
Why is Newmarket so expensive?
While we aren’t arguing that living in Newmarket can feel expensive, it is still much less expensive than many other areas in the GTA. However, if you’re looking to justify your Newmarket home price, here are some reasons why Newmarket prices are on the rise.
- It’s a seller’s market. If you’re a buyer, this is unfortunate. If you’re a seller, this is great news. But either way, home prices will rise as long as there’s more demand than inventory.
- Because there are jobs in Newmarket for the equivalent of about half its population, for many people, living in Newmarket is convenient. Paying a little more for the convenience of living and working within a short drive seems to be something many residents are willing to do.
- It’s beautiful. Truly, for many people (especially cottage owners), Newmarket is a beautiful place to live and exceptionally convenient if you plan to spend your weekends heading up north.
Newmarket affordability is based on a 2021 cost-of-living index that takes into consideration regular expenses such as housing costs, transportation, food, utilities, and costs of other necessary services. Considering this criteria, here is a breakdown of the most affordable neighbourhoods in Newmarket.
Most Affordable Neighbourhoods in Newmarket
Central Newmarket – Central Newmarket is primarily a family neighbourhood with about 70% of the population owning homes and the remaining residents paying monthly rent. The diverse neighbourhood is brimming with people from all types of backgrounds and social classes. While the average income tends to be less than other areas in Newmarket, most people in this neighbourhood drive only 5-15 minutes to work each day.
Huron Heights – Located in Northeastern Newmarket, Huron Heights is considered an entry-level neighbourhood with some excellent amenities for families considering moving into the region. Huron Heights is considered exceptionally safe when compared with National average crime rates and has plenty of amenities making it a convenient neighbourhood to raise a family.
Leslie Valley – Neighbouring Huron Heights, Leslie Valley is a great starter neighbourhood with plenty of brick detached homes and a peaceful family vibe. Leslie Valley boasts excellent schools, so parents with kids will find this affordable neighbourhood appealing.
Bristol-London – This family-friendly neighbourhood has an urban feel to the west and a conservation area to the east; truly something for everyone. With Upper Canada Mall close by, and plenty of grocery stores and restaurants in the neighbourhood, Bristol-London is known as a good place to raise a family or buy a first home.
Summerhill Estates – One of the most densely populated neighbourhoods in Newmarket, Summerhill Estates is a family-friendly neighbourhood with a mix of detached and semi-detached homes. Summerhill Estates is an older, well-established neighbourhood with attractive streets and a number of amenities and parks.
Among the most expensive neighbourhoods in Newmarket are Woodland Hill, Glenway Estates, and Armitage.
How Much is a 3-Bedroom Condo in Newmarket?
Feeling priced out of the Newmarket real estate market? Perhaps a condo is a better option for you.
While semi-detached home prices are staying reasonably on-par with detached home costs, condos can be purchased for significantly less money, with a similar ROI.
A 3-bedroom condo can be purchased in December, 2021 for approximately $936,000, a whopping $164,000 less than a detached or semi-detached home.
On average, condos of any size are selling for $756,000, almost half the cost of the average detached home.
How Much Money Do I Need to Make to Live in Newmarket?
The cost of living in Newmarket is 8% lower than the average cost of living in Ontario. However, it’s 3% higher than the average across the country. The average household income is $116,456. There are definitely opportunities to live in Newmarket on a smaller income, however, as the cost of housing continues to rise, we encourage buyers to purchase properties at the low end of their budget, allowing for room for renovations and expenses in the coming years, plus plenty of ROI.
If you’re looking at the Newmarket housing market, our Justo brokerage realtors would be happy to show you houses for sale in your price range. Contact us to find out how you can save more money with Justo than with any other brokerage in the GTA. On average, our Newmarket clients save over $15,000 in cash back rebates from their Justo transaction. There’s no better time than now to start searching for your Newmarket dream home.
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