As of September 2017, the Vaughan real estate market is in a balanced state and is currently favouring: Buyers & Sellers
For the first time since the spring peak, 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 $988,892 - this represents a 3.64% increase from the previous year.
The inventory of homes also decreased for the first time since the peak to 3.9 months worth of inventory. New listings continue to decline being at the lowest point since their peak in the spring. This is still considered a balanced market.
However, the number of sales still continues to be low (208 sales in the month of Aug - a 48.77% 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. The average days it takes to sell a home in Vaughan has increased to 27 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. 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 September 6, 2017
Number of New Listings in Vaughan As of September 6, 2017
Average Price of a Home in Vaughan (all types) As of September 6, 2017
Average Days on Market in Vaughan (all types) As of September 6, 2017
Monthly Number of Sales in Vaughan (all types) As of August 3, 2017
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