Beverley Glen/Whilshire, Thornhill,Vaughan Real Estate 2nd Quarterly Market Analysis 2021

Beverley Glen/Whilshire, Thornhill,Vaughan Real Estate

2nd Quarterly Market Analysis 2021

Detached,townhouses sold

Ideally when we want to compare how a market is doing we should compare it to the same time period of another year, i.e. spring market to spring market. Therefore, we have to compare how this quarter of the year is doing compared to the same quarter of last year. However we must remember that this quarter last year was the start of the Covid 19 Pandemic and a very dark and scary time for many when the future was very uncertain. Traditionally the spring market is the best market of the year, as I think this year's was. In the summer families take holidays and the kids are off school. They are not thinking of moving.

In Beverley Glen/ Whilshire community, the sales this 2nd quarter of the year increased significantly from an average of 24 homes sold to 63 homes, an increase of 39 homes or 163%.  Housing prices seemed to increase very slighty from $1,012,583 to $1.020.118 which is .01% or virtually unchanged except the area has a mix of homes from townhouses to custom homes on large estate lots. If more custom homes were sold than townhouses, prices could appear to go up when you average the selling price in the community and prices could appear to go down if more townhouses and smaller homes were sold. In this case it would appear that more smaller or townhomes could have sold. The inventory of houses on the market also decreased from an average of 27 homes to only 21 homes, which is very low inventory. There was an increase in the number of new listings taken, as last year there were 55  new listings and this year there was 97 new listings. It took only 9 days on average to sell a house as opposed to 28 days last spring. The number of homes sold went up as did the the number of  new listings however the averge price seemed unchanged year over year. The houses sold much quicker and did so way over asking price, probably in bidding wars.  To me this is good news for the Beverley Glen and Whilshire area! It appears that the market has not only corrected but is moving in a positive direction with continued high prices. 

Let me try to explain, a sellers market is one in which there is less than 4 houses for every sale. A balanced market is when there are 4-6 houses for every sale and a buyers market is when there is more than 6 houses for every sale. So in this area we still have a sellers market because we have low housing inventory for sale. Year to date housing prices are up in many areas of Thornhill even though they seem unchanged in Beverley Glen and Whilshire. 

When we look at the real estate market as a whole we still have a very strong housing market. Inventory of home is very low. Houses are selling for almost full price and in many areas over asking in bidding wars again.  Why? Well, interest rates are at an all time low (due to Covid 19) and are not expected to increase for at least two years. Immigration is usually high even though it was on hold for partof the year and people need to have a place to live. There have been a lot of break ups and seperations during Covid 19 between couples. Foreign investment is continuing and if foreigners are buying with U.S. dollars they are getting a 25% discount because of our dollar. We have a good economy compared to what is happening elsewhere in the world, rental rates are very low or non-existent.  Baby-boomer's children are now old enough to enter into the market and start buying.  We seem to be dealing with this Pandemic better than other places in the world. Why not invest in our housing market? It is a solid investment sure to go up. It may not be "a get rich quick fix" but over time it is a sound investment paying the best return.

The market always has dips and peaks every number of years and the market always recovers and continues to climb. If you are thinking of buying, now is a great time to get in due to the low interest rates giving you great buying power. If you are thinking of selling prices are up again. We do not know what the future has in stored for us, will there be other waves of this Pandemic and if so how many there may be. Prices have recovered and in some areas return to what they were at their peak. So there is no point to waiting especially with an uncertain future. If you are considering a move in the future (next year or two) don't wait do it now. Try to buy and sell in the same market but remember because interest rates are so low you have more buying power now and you can max out on your sale.