As of October 2017, the Vaughan real estate market is in a balanced state and is currently favouring: Buyers & Sellers
For the second time in a row, the average price of a home in Vaughan has risen from the previous month. Could this be a signal that the market has reached a bottom? The average price of a home in Vaughan is now $1,077,763 - this represents a 4.77% increase from the previous year.
The inventory of homes has however increased in both new listings and active listings. We currently have 4.6 months worth of inventory - this is the most inventory we've had available in many years. This is still considered a balanced market - a buyer's market would require at least 6 months of inventory.
Unfortunately, the number of sales still continues to be extremely low (206 sales in the month of Sept - a 50% decrease from last year) as buyers continue to sit on the sidelines. These low number of sales are typically seen in the coldest of winter months. In comparison, for the month of September in 2013-2016, we've always had above 300 sales. The average days it takes to sell a home in Vaughan has decreased to 25 days.
Buyers should take notice. There's an opportunity here for buyers to capitalize on this market. Don't expect a crash, don't keep on holding off thinking that prices will come down substantially. Get into the market. You'll most likely be able to buy a home with conditions on your offers (home inspection & mortgage approval) at a fair price and it won't be bidding war after bidding war. And most importantly, the price (and equity) in your home will continue to rise as the GTA continues to catch up to other world-class cities. As you can see from the graph below, balanced markets in Vaughan tend to only last a short time, so there is urgency if you want to take advantage of these more favourable market conditions
Vaughan Real Estate Market Status As of October 4, 2017
Number of New Listings in Vaughan As of October 4, 2017
Average Price of a Home in Vaughan (all types) As of October 4, 2017
Average Days on Market in Vaughan (all types) As of October 4, 2017
Monthly Number of Sales in Vaughan (all types) As of October 4, 2017
Need help interpreting and all this? Feel free to call or text me at 416-893-0301 or reach out to me here by filling out the details below