January 2023 Market Update

Hey everyone! Vinay Lakhani here with RE/MAX Realtron. Happy New Year and welcome to another edition of my market report where we're going to be summarizing the sales figures for Vaughan for the month of December 2022. Here are the numbers. The sales in Vaughan for December were down just over 50% more or less over the previous year 2021. So we had 130 sales compared to 272 sales in 2021. December 2022, we had 199 new listings, which is down about 20% or so from December of 2021 where we had 247 new listings. The average selling price in Vaughn for December for all home types, 1,341,000 down about two and a half percent from the previous year, we were at $1,379,000. So, not a huge difference there. Let's have a look at the months of inventory and see how we're doing.

Remember when we're looking at months of inventory below 4 months is still considered a seller's market above 6 months is a buyers market anywhere in between is still considered a balanced market. So in December, we were sitting at 3 months of inventory or just over 3 months of inventory, and that's down slightly from November of 2022 were at 2.9 months of inventory. So not much fluctuation there. Finally, let's have a look at our days on market. Our average days on Market was 29 days and that's down a few days from November of 2022 where we're at 31 days. So again not much difference in the days on market. It seems to be improving a little bit.

As a general recap of 2022, we start off very strong. Sales trended lower in the spring and summer obviously. As the bank started to increase the interest rates, impacting people's affordability. And we didn't see any relief from the stress test being adjusted or the amortization periods being extended. Home selling prices had to adjust because it just had to account for the higher interest rates.

Home prices start leveling off in the summer and early fall which may be an indication that the aggressive early market adjustment would be coming to an end or at least start to stabilize.

In 2022, home sales and prices dominated the headlines. Supply of new listings continue to be an issue as well and the number of homes listed for sale in 2022 was down in comparison to 2021. And that helps explain why selling prices have found some support in the recent months. The lack of supply definitely has impacted the rental market for sure. Rent has become super popular because of the high interest rates and obviously, the market conditions have tightened there and they have seen double digit increases in the rental market. So, very strong rental market. As interest rates started to rise. The negative news about the housing market, is obviously going to continue to dominate into 2023, especially in the month of February and March because that's when the shifts take place and obviously the media looks to keep people's attention. Bad news sells better than good news and just be aware that the picture that the media is painting is a generalized picture and it may not be as accurate as people think. So, if you guys want a real good opinion on where your market is, because we know within every major market, there are micro markets, reach out to a professional real estate agent like myself to be able to discuss the numbers just so you're not missing any opportunities that may be coming about because there are still some great opportunities there for people in certain situations.

So if you're looking for that, feel free to give me a call but definitely don't be sitting on the sidelines because you may miss a great opportunity to get into the market or to achieve your real estate goals. Whether you're thinking of moving in the near future or not, give me a call. Let's try to 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.