As of July 2017, the Vaughan real estate market is currently favouring: Buyers & Sellers
It's official - as of July 2017, the Vaughan real estate market is in a balanced state. The first balanced market since Jan 2014.
As we know the market has been changing, going from a strong seller's market in the beginning of the year to a balanced state. It's always interesting to see this state of change. We can now see that new listings in Vaughan are tapering off from their peak in the previous month of May - there are 862 New Listings in Vaughan for the month of June. This represents a 14.6% increase from last year. The number of sales has decreased drastically to 276. This is a 45.4% decrease from the previous year. When you add up these two forces of the market, price has to be affected. In fact, the average price of a home in Vaughan is $997,450. This is down 11% from the previous month's $1,121,274. However this still represents a 6.48% increase from the previous year. The average days it takes to sell a home in Vaughan hasn't changed all that much and is currently sitting at 17 days - a sign that well priced homes are still moving quickly.
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. Here's an explanation on how long this balanced market will last that you should read. 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 July 5, 2017
Number of New Listings in Vaughan As of July 5, 2017
Average Price of a Home in Vaughan (all types) As of July 5, 2017
Average Days on Market in Vaughan (all types) As of July 5, 2017
Monthly Number of Sales in Vaughan (all types) As of July 5, 2017
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