By Zoocasa on April 21, 2023
Estimated reading time: 6 minutes

Where to Buy Real Estate in Canada 2023: York Region, Ont.

By Zoocasa on April 21, 2023
Estimated reading time: 6 minutes

York Region’s real estate market had a year of peaks and valleys in 2022. These are the York neighbourhoods to watch as the market stabilizes.

The Markham Village Heritage Conservation District in Markham, Ont. Photo by Mhsheikholeslami from Wikimedia Commons

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Methodology

Best places to buy real estate in Markham, New Market, Vaughan and other York municipalities

In the table below, you’ll find the top neighbourhoods for real estate purchases in cities like Markham, New Market, Richmond Hill and Vaughan—the Ontario region known as York. To view all the data, slide the columns right or left using your fingers or mouse. You can download the data to your device in Excel, CSV and PDF formats.

wdt_ID	Rank	Neighbourhood	City	Benchmark price 2022	1-year growth	3-year	5-year	Value	Economics	Accessibility	Children
1	1	Vinegar Hill	Markham	$1,044,349	13%	187%	81%	5.0	3.7	2.5	53%
2	2	Concord	Vaughan	$754,499	12%	55%	55%	4.3	3.9	4.0	54%
3	3	Armitage	Newmarket	$1,270,152	18%	80%	47%	3.6	4.0	1.1	65%
4	4	Summerhill Estates	Newmarket	$1,172,180	11%	65%	48%	3.4	4.0	1.1	65%
5	5	Schomberg	King	$1,407,447	30%	112%	103%	4.7	3.1	1.7	49%
6	6	Elder Mills	Vaughan	$1,422,933	12%	34%	34%	2.5	4.6	2.7	70%
7	7	Greensborough	Markham	$1,249,486	12%	49%	49%	3.1	4.0	4.5	63%
8	8	Oak Ridges	Richmond Hill	$1,600,499	12%	51%	34%	2.3	4.7	2.8	67%
9	9	Aurora Village	Aurora	$1,183,495	18%	86%	48%	3.9	3.4	4.5	56%
10	10	Maple	Vaughan	$1,270,952	11%	44%	45%	3.0	4.0	0.4	66%
11	11	Woodland Hill	Newmarket	$1,265,299	11%	60%	39%	3.0	4.0	1.1	65%
12	12	Pottageville	King	$1,423,750	-11%	51%	13%	1.3	5.0	1.7	56%
13	13	Glenway Estates	Newmarket	$1,434,629	12%	61%	61%	2.9	4.0	1.1	65%
14	14	Jefferson	Richmond Hill	$1,575,397	4%	40%	40%	1.9	4.7	2.8	67%
15	15	Thornhill	Vaughan	$1,128,923	-3%	47%	48%	2.6	3.9	4.0	54%
16	16	Cornell	Markham	$1,193,550	10%	47%	47%	3.1	3.7	2.9	65%
17	17	Aurora Grove	Aurora	$1,174,449	18%	54%	50%	3.6	3.4	4.5	56%
18	18	Bayview Wellington	Aurora	$1,092,301	8%	55%	47%	3.3	3.4	4.5	56%
19	19	Aurora Heights	Aurora	$1,276,743	14%	73%	45%	3.3	3.4	4.5	56%
20	20	Wismer	Markham	$1,284,407	4%	39%	30%	2.4	4.0	4.5	63%
21	21	Victoria Square	Markham	$1,644,688	2%	105%	29%	2.1	4.0	2.9	65%
22	22	Stouffville	Whitchurch Stouffville	$1,208,367	5%	48%	34%	2.7	3.5	2.1	53%
23	23	Aurora Highlands	Aurora	$1,457,871	19%	69%	40%	3.1	3.4	4.5	56%
24	24	Mt Albert	East Gwillimbury	$1,122,692	1%	67%	45%	3.0	3.1	1.7	49%
25	25	Holland Landing	East Gwillimbury	$1,367,188	8%	87%	60%	3.1	3.1	0.3	52%
26	26	Bayview Northeast	Aurora	$1,402,313	9%	79%	40%	2.8	3.4	4.5	56%
27	27	Box Grove	Markham	$1,418,711	4%	40%	32%	2.2	3.7	2.9	65%
28	28	Patterson	Vaughan	$1,728,463	9%	47%	28%	1.8	4.0	0.4	66%
29	29	Angus Glen	Markham	$1,802,342	13%	63%	4%	1.7	4.0	2.9	65%
30	30	Rural Aurora	Aurora	$1,492,072	8%	42%	36%	2.2	3.4	4.5	56%
31	31	Ballantrae	Whitchurch Stouffville	$1,585,577	5%	59%	24%	1.9	3.5	2.1	53%
32	32	Virginia	Georgina	$759,467	4%	84%	59%	4.1	1.3	1.5	39%
33	33	Hills of St Andrew	Aurora	$2,026,309	19%	55%	47%	1.9	3.4	4.5	56%
34	34	Cachet	Markham	$1,996,520	3%	39%	22%	0.8	4.0	2.9	65%
35	35	Rural King	King	$2,798,384	16%	47%	36%	0.0	5.0	1.7	56%
36	36	Pefferlaw	Georgina	$914,116	-2%	70%	49%	3.3	1.3	1.5	39%
37	37	Langstaff	Markham	$912,815	5%	31%	33%	3.2	1.5	4.7	45%
38	38	Unionville	Markham	$1,225,476	4%	39%	30%	2.5	2.1	3.7	54%
39	39	Historic Lakeshore Communities	Georgina	$1,091,600	10%	78%	70%	3.8	0.8	2.2	50%
40	40	German Mills	Markham	$1,234,295	-10%	71%	71%	2.4	1.5	4.7	45%
41	41	Kleinburg	Vaughan	$2,195,768	6%	64%	63%	1.1	4.6	2.7	70%
42	42	Nobleton	King	$2,136,746	9%	59%	46%	1.2	3.1	1.7	49%
43	43	Baldwin	Georgina	$1,057,243	-12%	55%	60%	2.5	1.3	1.5	39%
44	44	Aurora Estates	Aurora	$2,181,422	0%	45%	28%	0.4	3.4	4.5	56%
45	45	Buttonville	Markham	$1,820,779	8%	45%	15%	1.4	2.1	3.7	54%
46	46	Rouge Fairways	Markham	$1,768,150	17%	59%	42%	2.3	1.4	3.7	63%
47	47	Central Newmarket	Newmarket	$952,370	6%	61%	31%	3.4	0.0	4.1	45%

Source: Zoocasa

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How to read the table:

Benchmark price 2022: The composite benchmark price as of Dec. 31, 2022. It represents all property types, including attached and detached homes, townhouses/row units and apartment units.
1-year, 3-year and 5-year growth: The percentage increase or decrease in the composite benchmark price (all property types) over each time frame.
Value, economics and accessibility: These neighbourhood characteristics are each scored on a scale of 0 to 5, with five representing the most value for your money, high levels of income and education, and ease of travel by foot, bike and public transit.
Children: The neighbourhood’s percentage of households with kids.
Read the detailed methodology behind our rankings.

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What’s happened in the York Region real estate market?

York Region’s real estate market had a year of peaks and valleys in 2022. Homes hit their price peak in February at $1,587,603. In March, mortgage rates began to climb as the Bank of Canada (BoC) hiked its policy interest rate, putting downward pressure on home prices. Between February 2022 and January 2023, the average home price in York fell about 19% to $1,285,583.

“The 2022 market changed very quickly in York. Buyers and sellers had to pivot in the latter part of the year as interest rates rose and buyer demand reduced,” explains Zoocasa real estate agent Brian Gilbert. As the cost of borrowing increased, competition slowly began to dissipate, he says. “Conditions became difficult for sellers from March to April. They went from receiving multiple offers to receiving fewer and fewer showing requests. Sellers had to reset their expectations.”

With fewer prospective buyers entering the market, the region’s sky-high real estate prices began to creep down. “The detached family home is always most in demand in York,” explains Gilbert. Before prices started to fall, he says, “Some buyers felt they would never be able to find a detached home in York Region for under $1 million, and all of a sudden there were multiple property types in their budget to choose from.”

See the full report: Where to Buy Real Estate
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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.”

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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.

2. Concord, Vaughan

Thanks to its affordability and excellent location, this Vaughan neighbourhood took second place on our list. Concord had an average home price of $754,499 at the end of 2022—the lowest in York. The average price was up 12% from one year earlier and up 55% from five years earlier. Concord received the third-highest value score on our York list, at 4.3, and a similarly high economics score of 3.9. The neighbourhood offers easy access to public transportation and commuter highways, giving it an accessibility score of 4. Fifty-four percent of households have children, and the area has plenty of schools.

View Concord real estate listings on Zoocasa.

3. Armitage, Newmarket

Armitage is situated in south-central Newmarket, offering residents a good mix of green space and commercial areas. It had an average home price of $1,270,152 at the end of 2022, which was 18% higher than one year earlier and 47% higher than five years earlier. This steady price growth earned the neighbourhood a 3.6 value score. It has an economics score of 4, and families especially enjoy this area, as 65% of households have children.

View Armitage real estate listings on Zoocasa.

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About Zoocasa

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