Carey and Sharon  Rosenzweig

Carey and Sharon Rosenzweig

Sales Representatives

RE/MAX Realtron Realty Inc., Brokerage*

Mobile:
416-818-2600
Office:
416-222-2600
Email Me

Hire A Top Class Real Estate Agent Who Will Invest In Your Future

Uplands Thornhill Vaughan 4th quarter real estate sales report 2022

Uplands, Thornhill Vaughan Real Estate
Market Analysis 4th Quarter 2022

Detached Executive and Townhouses Sold

4th Quarters   2018  2019  2020 2021 2022  2018/17 2019/18 2020/19 2021/20 2022/21
House Sales 18 14 16 15 9 +80% -22% +14% -6% -40%
Average Home Price $1,608,700 1,445,250 $2,120,941 $1,918,200 $3,200,951 -17% -10% +47% -10% +67%
Inventory 29 21 24 9 14 +16% -28% +14% -62% +56%
New Listings 36 29 38 26 20 -8% -19% +31% -32% -23%
Days on Market 36 39 40 10 35 +50% +8% +3% -75% +250%
% of Sold Price to Listing Price           94% 93% 93% 111% 85%        - -1% - +18% -26%

Real Estate Market Synopsis

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. fall/winter market to fall/winter market. Therefore, we have to compare how this quarter of the year is doing compared to the last quarter of 2021. Traditionally the spring market is the best market of the year and the summer market gets slower due to it being a holiday time and kids being off school. The fall market usually picks up again as routines go back to normal, and our fall market reflects this.

When we look at the average number of sale, they decreased by only 6 home sold from 15 to 9 homes sold. The price went up on average by over $1,300,000 from $1,918,200 to $3,200,951. This may or may not be accurate due to the small number of homes sold and the wide price range of homes in the area. The area is made of of small town homes to million dollar homes.  The average number of homes available for sale increased from 9 listed homes to only 14 listed homes.  There were on average about 6 less new listings taken in this quarter than the last quarter of 2021, which is a very low number of listings. The length of time it took to sell a home also increased significately by 250% or 15 more days from 10 days to 35 days and the percentage of selling price compared to the listing price decreased by 26% from 111% of asking to 85% of asking and not over asking. 

We must remember that this area consists of a mix from townhouses to large executive homes.  If more smaller townhouses sold than larger detached homes, the house prices can appear to go down or if more larger homes sold the prices would appear to go up, which could also be the case here or the price is just down due to the small number of sales.  Therefore we have to consider the market in general.

It would appear that in 2022 Uplands like most of the GTA had an unusually year end due in turn to the multiple consecutive months of interest rate hikes. When consumers are uncertain of what seem to be going on or what the future has instored, they usually remain on the side lines and wait to see what will happen and what they should do. Usually when there are 4 or less homes listed for every sale it is considered to be a sellers market, when there are between 4-6 homes available for every sale, it is considered to be a balance market and over 6 houses available for sale is considered to be a buyers market. This year would definately have been a sellers market in both the GTA and Uplands, but due to the unknown and unprecident rate hikes it did not appear to be a sellers market. In this area there were around 2 house available for every house sold. 

What does this mean for the Uplands area? Well to us, it shows that the market in uplands was very different than the years before,  similar to other areas of 905 and Toronto. Sales decreased by 40% and that is only because the inventory was so low, you can't sell what's not there. However, the prices appearing to have gone way up.  Prices increased by 67% to a record high prices. The number of new listing decreased by 23% and the number of homes for sale in inventory went up by 56%.  When inventory goes down typically the demand picks up and prices increase however here it would appear that there were not a lot of new listings and overpriced listings increase and just sat on the market causing sales to decrease. There was simply not enough supply of well priced listings or more would have sold. Homes took longer to sell, (which would imply that more larger homes sold which also accounts for why prices increased so much).  The houses sold in 35 days instead of 10 days and they sold for 85% of asking price. 

We must remember that this area consists of a mix from townhouses to large executive homes.  If more smaller townhouses sold than larger detached homes, the house prices can appear to go down or if more larger homes sold the prices would appear to go up, which we would believe to be the case here.  Therefore to understand the true market,  we should consider the general market.

It would appear that in 2022 Uplands like most of the GTA had an unusually year end due in turn to the multiple consecutive months of interest rate hikes. When consumers are uncertain of what seem to be going on or what the future has instored, they usually remain on the side lines and wait to see what will happen and what they should do. Usually when there are 4 or less homes listed for every sale it is considered to be a sellers market, when there are between 4-6 homes available for every sale it is considered to be a balance market, an over 6 houses available for sale it is considered to be a buyers market. This year would definately have been a sellers market in both the GTA and Uplands, but due to the unknown and unprecedent rate hikes it did not appear to be a sellers market. In this area there were around 2 house available for every house sold.

The housing market in the new year will only improve if more homes get listed and rates stop increasing resulting in comsumer confidence increases. Again you can't sell what's not available to sell and never in history have we had so many interest rate hike in such a short time .

Here are a few facts that we see and know:

  • 2021 set a new record for the highest average price on record, highest amout of sales and lowest inventory, which was not broken this year.
  • Emmigration will continues at record levels with approximately 1,500,000 people expected to immigrate in the next 5 year and they will need to have a place to live.
  • There is a shortage of homes and trades to build homes, therefore housing can not be built fast enough for the demand
  • Rental rates have increased significantly due to the housing shortage.
  • 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.
  • Real Estate has been paying a higher return than investing you money in the bank.

Toronto offers an ideal location for many, close to everything and very central. However many people have discovered working remotely they don't need to be in the city's core  living in small quarters, they can now spread out and live in larger homes closer to the north end. Now is the ideal time to invest and buy real estate while other are waiting on the side lines. That move up home has become more affordable. Townhouses, semis, smaller detached and larger condos with parking are always in demand for first time buyers. The return on your money invested in a bank is extremely low, so why not invest in housing.  It is a sound investment!  We work the area and often know of homes coming out for sale before they are listed on the market. There are many predictions about the economy and real estate prices in 2023, as there are every year. The heads in our company are prediction that by 2030 the average house price in the GTA will be over $2,000,000 (it already is in some areas). Predictions can be right or wrong similar to the weather. What we do know it that it is still an excellent market for both buyers and seller. This is not expected to change in the immediate future.

For Listings in Uplands Thornhill click here

For more information on Uplands Thornhill click here

Have Questions?

I agree to receive marketing and customer service calls and text messages from RE/MAX Realtron Realty Inc., Brokerage*. Consent is not a condition of purchase. Msg/data rates may apply. Msg frequency varies. Reply STOP to unsubscribe. Privacy Policy & Terms of Service.