Carey and Sharon  Rosenzweig

Carey and Sharon Rosenzweig

Sales Representatives

RE/MAX Realtron Realty Inc., Brokerage*

Mobile:
416-818-2600
Office:
416-222-2600
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Uplands Thornhill Vaughan 2023 year end house sales report

2023 Year End Vaughan Thornhill Real Estate Sales Reports

Including Upland, Patterson, Beverley Glen Whilshire, Brownridge, Rural Vaughan and other areas of Vaughan
Year end 2023

 

Year to Date Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 % 2020/19 % 2021/20 %2022/21 %2023/22
Average House Pric $992,650 $1,128,913 $1,303,232 $1,408,819 $1,324,700 +14% +16 +8% -6%
Median Home Price $918,000 $1,040.000 $1,207,000 $1,310,000 $1,250,000 +13% +16 +8% -5%
New listings 6815 7,271 7905 7216 6792 +7% +9% -9% -6%
Sales 3311 3,915 5525 3221 3085 +18% +41% -42% -4%
Days on Market 25 22 15 16 20 -12% -32% +6% +25%

% Sales/ListingPrice

98% 100% 104% 103% 101% +2% +4% -1% -2%

 

Happy New Year! It is now the beginning of 2024, a time to reflect on the year that has passed and a time to plan for the New Year.  With respect to real estate and especially real estate in Vaughan and Uplands, Thornhill what does this year have in store for you?  Is this the year that you should buy a new house, upgrade your current home, sell your home, maybe downsize or perhaps invest in real estate? What does the market look like now and for this year? I will try to answer these questions and more.  

First let’s look at what happened last year in real estate and how the year ended.  We can definitely say this past year was eventful. The new year started off as most new years, but with a bit more uncertainty with again the many waves of Covid. There were predictions that housing prices would go up; housing prices would go down; mortgage rates would go up; mortgage rates would go down; no one really knew what was in-stored for the future, some what similar to the predictions every year.

It did not take long to see that the theme of last year was mortgage rate increases.  An unprecedented 10 months of mortgage rate increases. They keep saying that the inflation rate was to high and they needed to curb inflation. This lead to 10 interest rate hikes, which resulted in major uncertainty and many people not knowing what to do so in turn they did not do! People waited to list and were afraid to buy. The inventory of houses was very low, The interesr rates were high. People froze totally unprepared for this as it had never happened before in our history. It seemed like interest rates were on the for front of everyones mind. Well, this did help lower the infation rate, but it also caused many to be priced out of the market. Leaving others sitting on the side line waiting to see what the future had in stored.  This is pretty much what occurred until the end of the year, resulting in both listings and sales dropping.. 

First let’s look at how the year ended.  The Average sale price in Vaughan went down from $1,408,819 to $1,324,700 and the median price decreased by approximately $60,000 from $1,310,000 to $1,250,000.  The number of new listing over the year dropped from 7216 to 6792.  The number of sales also decrease from 3221 to 3085 this year.  It took 4 day longer on average to sell a house in Vaughan than last year, taking 16 days in 2022 and 20 days this year. The houses that sold did so at full price or over asking with an average of 101% of asking this year and down from 103% of asking price in 2022. 

What does this mean?  Simply that Vaughan housing market went through a change or I like to think of it as a pause.  Prices dropped a little from the record high, it dropped by 6% and the median price dropped by 5%. It was uncertain times and changes and people paused to see what was going to happen. Sales dropped by 4%,  new listings dropped by 6 %. The sales to listing ratio dropped by 2% and houses stayed on the market 25% longer or they took 20 days to sell instead of 16 days last year. Interest rates would need to remain stable for the market to pick up. However all thing considered the market did not crash as people were afaid and prices did not drop by that much.

When we have under 4 houses available for sale for every house sold it is considered to be a sellers market. When there is 4-6 houses available for every sale it is considered to be a balance market. When there is over 6 houses available for every sale it is said to be a buyers market. This year's market definately began as a sellers market with very little inventory and even with all the uncertainty it remained a sellers market in terms of the amount of houses available for sale at about 2 houses for every sale. However, because of the price drop it was also an opportunity for those that could still qualify for a mortgage with the new rates.  As for price, every area was different, some areas had a larger price correction downward than others, and in some area's prices did not undergo a price drop at all. Some areas were still seeing homes selling above asking price and some were still selling in multiple offers. So basically all areas need to be looked at individually. This year could have been a real buying opportunity in some areas, especially the areas that had a price drop. As for investment properties, there is no better time to own an investment property than now, as many rental properties are see bidding wars from renters. This maybe due to some buyers no longer qualifing to buy and turning to the rental market. 

 Borders are open again immigration will continue again causing more of a need for housing. Interest rates will eventually start to drop in the near future and as always housing prices will continue to increase as they alway have.  The heads in our company are prediction that by 2030 the average house price in the GTA will be over $2,000,000.

Here are a few facts that we see and know:

  • 2022 set a new record for the highest average price on record and we are still not far from that price in 2023
  • Emigration will continues at record high levels. 
  • We are not making more land, therefor it's hard to keep up with the demand.
  • Rental rates are similar to cost of ownership and in some cases more.
  • The boomers' kids have grown up (kids born from 1977 to 1994 which number around 9.2 million in Canada in 2011) they are ready to buy real estate.
  • Real Estate over the long term is a sound investment that continues to increase over time.
  • Real Estate has been paying a higher return than investing you money in the bank.

Toronto offers an ideal location close to everything and very central, however, Vaughan offer area's like Whilshire, Westmount, Beverley Glen and Uplands that have larger lots and Patterson offers newer built area in Vaughan. Now that people have discovered working remotely some don't need to be in the city's core and live in small quarters, they can now spread out and live in larger homes. Now is the ideal time to invest and buy in Vaughan it offers starter homes (townhouses, semis, smaller detached and larger condos many with parking) which are in demand for first time buyers that can no longer afford a house.  The return on your money invested in a bank is extremely low, so why not invest in housing with some areas having prices lowered, it is a sound investment!  If you are thinking of upgraded the gap between housing prices has decreased.  We work the area and often know of homes coming out for sale before they are listed on the market.

Buyer's market or seller's market, NOW IS THE PERFECT TIME FOR SOME TO BUY OR SELL!!

For help with any of your Real Estate inquires or needs, Or to discuss your area's housing prices feel free to call Carey and Sharon Rosenzweig (416) 818-2600.

 

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