As of December 2017, the Vaughan real estate market continues to be in a balanced state and is currently favouring: Buyers & Sellers
The Vaughan real estate market continues to be in a balanced state. The number of sales continues to be low with 39% fewer sales than last year, however the number of sales is in line with November of previous years. It is somewhat surprising to continue to see such a low number of sales given that mortgage approvals will get harder starting in January due to stricter mortgage rules taking effect. Typically we see a surge of transactions taking place ahead of tightening of mortgage rules.
The average price of a home in Vaughan dipped slightly from the previous month to $959,647 - this represents a 2.94% decrease from the previous year. The inventory of homes continues to be on the high end for both active listings and new listings. We currently have 4.6 months worth of inventory. This is considered a balanced market - a buyer's market would require at least 6 months of inventory.
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 further. 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 December 5, 2017
Number of New Listings in Vaughan As of December 5, 2017
Average Price of a Home in Vaughan (all types) As of December 5, 2017
Average Days on Market in Vaughan (all types) As of December 5, 2017
Monthly Number of Sales in Vaughan (all types) As of December 5, 2017
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