The pulse of the Vaughan real estate market

Jun05

June 2017 Vaughan Real Estate Market Update

June 2017 Vaughan Real Estate Market Update

As of June 2017, the Vaughan real estate market is currently favouring: Buyers & Sellers

I was looking forward in seeing the actual stats from this past month's report. New listings in Vaughan rocketed to 1210. This is a record number, we've never had so many listings (keep in mind though that listings can be double counted i.e. if a property doesn't sell and gets relisted at a different price, it counts as 2 listings).  The average days on market stayed low at 12 days but this is undoubtedly affected by the double-counting mentioned above. The average price of a home in Vaughan came down slightly, we haven't seen a dip in price since Dec 2016, although this month's average price is 16.32% higher than it was last year. Perhaps we're starting to see a more gradual increase in yearly pricing.  Although we technically continue to be in a seller's market, it's important to note that this past May's new listings have increased dramatically and have slowed down the market somewhat, hence I'm classifying this month as a balanced market.  This perspective could however be due to the past few months' super seller's market and the difference we suddenly feel.  

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 June 5, 2017

Vaughan real estate market update

Number of New Listings in Vaughan As of June 5, 2017

Number of New Listings in Vaughan

Average Price of a Home in Vaughan (all types) As of June 5, 2017

Average Home Price in Vaughan

Average Days on Market in Vaughan (all types) As of June 5, 2017

Average Days on Market in Vaughan

Monthly Number of Sales in Vaughan (all types) As of June 5, 2017

Monthly Home Sales in Vaughan

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