December 2022 Market Update

Hey everybody, Vinay Lakhani here with Remax Realtron. Welcome to another edition of my market report where we will be summarizing the sales figures for Vaughan for the month of November 2022. I got my holiday hat on, so let's get right into it. The sales in Vaughan for November of 2022 were down just over 47% over last year. So we had 197 sales compared to last year where we had 376 sales. Last month, we had 408 new listings come out, which is down about 8 1/2% from November of 2021 where we had 447 new listings. The average selling price in Vaughan for all home types was 1,359,000 down 2 1/2% from 1,395,000 in November of last year. Let's have a look at our months of inventory and see how we're doing.

Remember below 4 months, seller's market above 6 months, buyers market anywhere in between balanced market and right now in Vaughan were sitting at 2.98 months of inventory and that's down from 3.4 months in October. So, we're seeing this downward trend on months of inventory, which is very very interesting to see.

Finally, let's look at our days on Market, or average days on Market in November was 31 days down from 32 days in October of 2022. So homeownership Market activity in November continue to be influenced by the impact of higher borrowing costs on affordability. Sales were Down compared to the same period last year following the trend that unfolded since the commencement of the interest rate hikes in the spring. New listings were also down from last year and the average sale price in Vaughan has declined from earlier this year in the peak of the market as conditions became more balanced.

Now with that said, the downward price trend we experienced in the spring and summer seems to have come to an end. And the data now shows that the selling prices overall have flatlined alongside the average monthly mortgage payments. Housing experts say that over the medium to long term, the demand for home ownership will continue to pick up strongly and this is because the huge share of record immigration announced by the Liberals that will undoubtedly be pointed at the greater Toronto area in the coming years. And all of the newcomers will require a place to live and the majority aren't coming with five dollars in their pocket. They're coming with cash because they sold their assets and their looking to set their roots and the first thing they're going to be looking to buy is a property.

As we've been saying here on our market report for some time, the long-term trouble for our government will not be inflation and borrowing costs, but it will be their ability to accelerate the pace at which homes are going to be built in the GTA. So we don't end up where we were two years ago with pent-up demand and no homes for people to buy whether you're thinking of moving in the future or not, give me a call and let's chat about what these numbers mean for you and the value of your home.

Thank you for tuning in to this month's Vaughan market report. And remember that now more so than ever who you work with, makes all the difference. Don't forget to follow me on Instagram @vinaylakhani_, and on Facebook Team Vinay Lakhani. If you found this information useful, please share it with your friends and family and make sure you hit that subscribe button. Until next time, ciao for now.