Carey and Sharon  Rosenzweig

Carey and Sharon Rosenzweig

Sales Representatives

RE/MAX Realtron Realty Inc., Brokerage*

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Brownridge Thornhill Vaughan Real Estate 3rd Quarter Market Analysis 2019

Brownridge Thornhill Vaughan Real Estate

3rd Quarter Market Analysis 2019

Detached, townhouses sold

  3rd Quarter 2017   3rd quarter 2018   3rd quarter 2019 Diff 2018/17   Diff 2019/18
Home Sales 33 33 38 - +15%
Average House Price $842,202 $724,815 $837,637 -14% +16%
Inventory 46 42 38 -9% -10%
New listings 102 71 88 -30% +24%
Days on the Market 23 32 20 +39% -37%
% of asking vs. sold price 98% 99% 99 +1% -

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 increased by approximately 5 homes sold at an average of 38 homes sold. The average house price increased by over $110,000+ from $724,815 to $837,637 which is around a 16% increase also bringing prices back to almost what they were in 2018. The inventory of houses on the market decreased slightly from an average of 42 homes to 38 homes or a decrease of 10%. There was an increase in new listing from an average of 71 homes to 88 homes or a 24% increase.  It took only 20 days on average to sell a house in this last quarter as opposed to 32 days last year. The houses sold for 99% of asking price unchanged from last year.
It would appear that the market in Brownridge has recovered 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 looks better with the large increase in price at a 16% increase to a 15% increase in sales. The new listing were up by 24% which means consumer confidence is back, active listings were down by 10% on average because more homes sold and houses still sold closer to asking but they sold much faster in just 20 days. If you compare it to the market two years ago  the price are almost the same, the number of sales is up. New listings and the active listing or inventory of homes is down from 2017.  House also sold quicker and closer to asking then in 2017.  All in all a very strong real estate market again. If we compare this market to the rest of Vaughan, this area seems very similar. 

On average in Vaughan, property sales increased, prices increase and houses sold faster, as was the case here in Brownridge.

Our housing market in this area has rebound so the market hit the bottom last year and has now start to rebound, so the sooner you buy, the better. It`s always best to buy low or as quick;y after a price correction as possible. Interest rates remain relatively low even though they were expected to rise a little (but didn't) and are not expected to increase significantly in the immidiate future. 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 interest rates are low so a good time to buy and now is a good time to sell as prices have increased!

For more information on Brownridge click here

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