Newmarket has emerged to be yet another lucrative real estate market in Canada in the recent past. This is a town within York Region, located approximately 25 kilometers north of Toronto City in Ontario Province. In fact, it is one of the towns or cities making up the Greater Toronto Area (GTA) and the Golden Horseshoe of the Southern Ontario Province.
Newmarket City Guide
Newmarket is a beautiful and picturesque town with a population of more than 80, 000 people, according to Canada’s recent census on the municipal population of Newmarket. Apparently, the town boasts of being the regional seat of York Region, attracting both homeowners and property developers alike.
Newmarket is strategically situated in an area that makes its residents commute daily to Toronto City and the surrounding communities for various activities. With notable landmarks such as Upper Canada Mall, Historic Downtown, Southlake Regional Health Centre and Fairy Lake Conservation Area including other recreation areas, Newmarket seems to be one of the preferred spots for those looking to settle in the York Region and the surrounding areas.
In the real sense, the town acts as a meeting point for both real estate developers and home buyers thus making the Newmarket real estate to be one of the fastest growing markets in the GTA. As such, the town was found to be the second most preferred place in the entire GTA municipality to call home. This is according to the MoneySense Magazine’s report in 2012 highlighting “Best places to Live” in Canada.
Being the second best place to stay, Newmarket has a high-output of the labor force. The town is known for its five main sectors including manufacturing, health care, retail trade, educational services, and technical services. And each sector is growing steadily and larger to accommodate the huge number of people coming to settle and work in this region. That is why the city has experienced 30.1percent rate in growth in a span of ten years. With aa 38.1 percent of the household’s income of more than $100,000, Newmarket is a new frontier for home buyers and home sellers as well.
The city is divided into three sections; Central, West and East Newmarket. Stating with the Central Newmarket area, there are neighborhoods such as Armitage, Central Newmarket, Bristol-London and College Manor. All these neighborhoods have plenty of social and recreational facilities like schools, shopping centers, and a well-developed transportation system. Demographically, the majority of people are aged 40 and over but the areas still offer plenty of opportunities for Newmarket real estate.
West Newmarket comprises of the neighborhoods like Glenway Estates, Woodland Hill and Summerhill Estates. Just like the Central Newmarket, West Newmarket is inhabited mainly with people in their 40s or even more. As a matter of fact, Newmarket real estate market in this area looks promising due to the upcoming population of young people in places such as Summerhill Estates and realtors seem to be shifting their attention there.
Coming to East Newmarket, there are places such as Stonehaven and Huron Heights Leslie Valley which are inhabited mostly by young families. As a result, the place has become lively with plenty of schools, shopping centers and an already established transport network in the region.
An Overview of Newmarket Real Estate
The real estate market in Newmarket has its own uniqueness. For instance, Armitage in Central Newmarket is famous for its many single-family, semi-detached, and detached homes. Many of these homes are owned but a few are rented even though most of the houses here are a little bit older. For those looking to own homes in this area, it is important to know that a good number of them are affordable with a few being relatively expensive.
Bristol-London is known for its single-family and detached homes which turn out to be costly for new home buyers. But as more and more people flock the area, the Newmarket real estate strives to meet everyone’s needs in terms of housing prices. Whether rentals or owned, properties here are available for those willing to part with a few coins in rentals or buying homes.
College Manor is the perfect location to settle due to its condominiums, semi-detached, detached and single-family homes which are stylish and affordable for most home buyers. Away from College Manor, the next area with new markets boasting of detached and a few semi-detached homes is Glenway Estate. Most of the homes in this estate are owned though there are a few rented properties on the realtors’ home listings in Newmarket.
For newer and affordable homes, Summerhill Estate comes out as the most lucrative Newmarket’s real estate. According to Newmarket’s Realtors, homes in this area are newer though most of the property here is owned by individuals even though there are still a handful of rentals. This is the same case with Woodland Hill and Huron Heights-Leslie Valley where homes range in size and affordability. But when it comes to Stonehaven-Wyndham, most of the houses are more expensive and are in a mix of both newer and older homes.
Newmarket Average Home Average Price
Most of the estates in Newmarket comprise of condos, detached, semi-detached homes and bungalows with each home style having its own pricing. On average, homes in a number of states have a starting price of $842,343. This is far too high as compared to the condos which are sold at an average price of $389,900. But the situation is a little different for detached homes where the asking price on the average is $750,000. When compared with the average home price, owning a detached home becomes easier although condos are the cheapest of the three homes styles. On the other hand, the average rent price amounts to $1,100 which is somehow affordable to newcomers in Newmarket.
Generally speaking, the Newmarket real estate market has plenty to offer for both new home buyers and property developers. Its strategic location, economy, recreational facilities, and good transport network play a crucial role in making this area a perfect spot for property developers to invest in its real estate market. And for home buyers, there are nearly all types of homes to choose from to make Newmarket their home.