Brownridge Thornhill Vaughan Real Estate 3rd Quarter Market Analysis 2018

Brownridge Thornhill Vaughan Real Estate

3rd Quarter Market Analysis 2018

Detached, townhouses sold

Real Estate Market Synopsis:

When we want to compare how a market is doing we should compare it to the same time period of another year. So, we have compared this quarter to the same quarter of last year. Traditionally the summer market is a quieter market of the year due to it being a holiday time and kids being off school.  The 3rd quarter market in real estate covers the months from July to the end of September.

In the Brownridge community, the sales this 3rd quarter of the year remained exactly the same at an average of 33 homes sold, however this is still down by the 43% from two years ago. The average house price decreased by over $117,000+ from $842,202 to $724,815 which is around a 14% decrease also bringing prices to less than they were in 2016. The inventory of houses on the market also decreased slightly from an average of 46 homes to 42 homes or a decrease of 9%. There was also a decrease in new listing from an average of 102 homes to 71 homes or a 30% decrease.  It took 32 days on average to sell a house in this last quarter as opposed to 23 days last year. The houses sold for 99% of asking price instead of 98% of asking.

It would appear that the market in Brownridge is still struggling and has yet to recover as is the case in a lot of areas of 905. It would appear that when you compare it to the market a year before everything is down with the largest drop being in price at a 14% drop to new listing being down by 30% on average, however houses  sold closer to asking but they took longer to sell. If you compare it to the market two years ago  the price dropped, as did number of sales, and new listing but the active listing or inventory of homes went up from 2016.  It took longer to sell a house and the asking to sold ratio went down.  If we compare this market to the rest of Vaughan, this area seems very similar. 

On average in Vaughan, property sales decreased, prices decrease and houses took longer to sold, as was the case here with the exception of number of sales which remained the same.

Our housing market in this area has yet to rebound so the market may have hit the bottom and soon start to rebound, so the sooner you buy, the better. It`s always best to buy low. Interest rates remain relatively low even though the have risen a little and are not expected to increase significantly more . We have strong foreign investment. This is due to foreigners purchasing in U.S. dollars and buying our properties at a 25-30% discount due to the exchange they get on the U.S. dollar.  There is a very low rental rate, which is causing people to buy investment properties and rent them out. Immigration is on the rise and with no new rental buildings, people need to live somewhere. Housing has always been a sound investment.

So if you are thinking of buying a property, what are you waiting for? We don't know what will happen in the future, but we know prices are low so a good time to buy and if prices drop further now is a good time to sell!

If you are thinking of selling, appoximately one in every three houses are selling and for almost full price.