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Compare real estate values over last 5 years between following areas in Ontario Canada: Newmarket and Innisfil
Hello, and thanks for your question asking for a comparison of Real Estate values over last 5 years between following areas in Ontario Canada: Newmarket and Innisfil. I have found that prices in both areas are rapidly increasing, however in Innisfil more so. Between 2011-2016 Innisfil saw a 106.7% growth in median home prices, whereas Newmarket saw a 83.21% increase in median house prices from 2012-2017. Price increases in both areas may be dampened in the future. Below you will find a deep dive into my research, along with all the details as to how I came to this conclusion.
OVERVIEW
Newmarket and Innisfil are both areas in Canada's Ontario province. This province in general has been making headlines in the Real Estate market over the last few years due to its soaring prices, Toronto's house prices alone have increased 33% from 2016 to 2017.
Within this research I have looking closely at how real estate values have changed over the past 5 years in Newmarket and Innisfil. I have searched for historic median prices, and calculated the growth that has been seen in each area and compared them.
In addition to this I have searched for articles which explain why prices in these areas are increasing, as I will describe, and I will make assumptions as to how the market may continue to grow in the future. I did search for specific predictions on this by searching through Real Estate reports and related articles, however given the specificity of the areas looked at there were limited predictions available.
FINDINGS
NEWMARKET
The Canadian Real Estate Magazine tells us that the median house price in Newmarket in 2016 was $699,947, and in 2014 it was $539,900. This represents a 29.64% increase over 2 years. Over these 2 years apartments in particular saw an even bigger jump in price. The median apartment price in Newmarket in 2016 was $419,900, in 2014 it was $278,500. I have calculated that this represents a 50.77% increase.
Real Estate Bay gives figures from previous years. They tell us that median house prices in Newmarket in 2012 were $507,000, in 2013 $469,000, in 2014 $543,950, in 2015 $604,900, in 2016 $679,450, and in 2017 $928,900. (Some of the figures are slightly different to those quoted above but this is likely to do with the month the figures were taken from). I have calculated that figures from Real Estate Bay represent a 83.21% increase from Apr 2012 to Apr 2017.
Reasons for the growth in prices in this area have been linked with population growth, as well as increase in interest in families moving to this areas rather than Central Toronto, Oakville and Milton.
INNISFIL
The Canadian Real Estate Magazine tells us that the median house price in Innisfil in 2016 was $599,450, and in 2014 it was $379,000. I have calculated that this represents growth of 58.16%, which is larger than Newmarket's 29.64% growth for the same period.
The Barrie Home Guide tells its that in 2011 the median cost of home in Innisfail was $290,000. Comparing to data from the Canadian Real Estate Magazine we can calculate that from 2011 to 2016 prices have increased from $290,000 to $599,450, representing an increase of 106.70%. This is higher than the rate at which Newmarket home prices grew from 2012 to 2017 (83.21%), however the time frames are 1 year out. However, there were no figures for 2012 or 2017 for Innisfil, and no 2011 figures were available for Newmarket, so a complete match up wasn't possible. I did find the 2017 average price of home for Innisfil, $682,199, however it can't be used in calculations because medians and not averages were used in the other calculations.
In Innisfil the reason for dramatic increase from 2011 to 2016 could be in part due to the 30% increase in building fees introduced in 2012. Also, increases can also be attributed to the fact that buyers are choosing areas like Innisfil (as they are with Newmarket) over Central Toronto, Oakville and Milton.
PREDICTIONS FOR THE FUTURE
I found evidence to suggest that the entire Real Estate market within the province of Ontario will be controlled in the near future. Foreign buyers will be facing more tax, and there will be more controls on rent. The entire plan includes 16 measures like these aimed at slowing down the soaring real estate prices in the province. This means that over the coming years, prices in Newmarket and Innisfil may still increase but at a lower rate.
CONCLUSION
Overall, I have found that the Real Estate market in Innisfil is growing rapidly, and at a faster rate of the market in Newmarket. etween 2011-2016 Innisfil saw a 106.7% growth in median home prices, whereas Newmarket saw a 83.21% increase in median house prices from 2012-2017. Between 2014 to 2014 Innisfil saw 58.16% growth, whereas Newmarket saw 29.64% growth for the same period. In the future these increases may be slowed in both areas. A plan including 16 measures is being introduced in the whole state of Ontario to address increasing Real Estate prices.
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