September 2022 Vaughan Market update

Hey guys Vinay Lakhani here with RE/MAX Realtron. Welcome to another edition of my Market Report where we will be summarizing the sales figures for Vaughan for the month of September 2022. The sales in Vaughan for September 2022 were down just over 47% over last year. We had 224 sales compared to last year’s 426 sales.

Last month we had 609 new listings which is up about 14% from September of 2021 where we had 526 new listings.

The average selling price in Vaughan for September for all home types was $1,231,728, down about 7% from $1,328,271 in September of 2021.

Let’s have a look at our months of inventory and see how we are doing. We get months of inventory by dividing the sales into the active listings. It is important to remember that below 4 months is a seller’s market and above 6 months is a buyers’ market and anywhere in between is a balanced market. Month of inventory in September was 2.9 months. Which means if no other homes came on the market in 2.9 months in Vaughan there would be no homes for sale

Finally, we want to look at our days on the market. Our average days on market in September was 36 days, down from 37 days in August of 2022.

These numbers show we are definitely seeing a shift in the market. Homes are taking longer to sell and prices have adjusted to align with the higher borrowing costs. I believe this small dip in housing demand is occurring as buyers and sellers alike are taking a step back to see the effects that the increasing borrowing costs have on the market. We all agree that this temporary dip is not going to mask the critical shortage of homes available for sale in the GTA.

With the municipal elections underway, candidates running must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability and housing development. There are already a slew of developers who are cancelling or delaying their new housing project as they can not cope with the increased fees from municipalities and all time high material costs.

TRREB CEO John DiMichele. Said “Elected councils must also reconsider existing policies that preclude homeowners from listing their homes for sale, including significant added upfront costs like the land transfer tax. Potential new policies like mandatory home energy audits could also create unnecessary interference and delays in the home selling process and dissuade some homeowners from listing their homes for sale.

October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month,

Whether you are thinking of moving in the near future or not, give me a call and let’s chat about what these numbers mean for the value of your home

Thank you for tuning in to this Month’s Vaughan Market Report. Remember, that now more so than ever who you work with makes all the difference.

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Until Next time, Ciao for now!