May 2021 Vaughan Housing Market Report

Dear Vaughan citizens and everybody who is thinking to move to this great city above Toronto!

After a quite strong pullback in market activity in April, May market activity remains on the April level. Fewer New listings were coming into the market in May however sales activity remains at April’s numbers, which reduces the number of available listings for buyers to choose from and tightened market conditions. As a result, May prices continue to moderately grow in most of the market segments beating March and April results.  The announcement of a new stress test coming into effect on June 1^st made earlier in April had a quite unexpected cooling effect not only on Sellers but on Buyers as well. Despite the expected rush to purchase a property prior to the new stress test comes into effect, the opposite effect took place when many buyers decided to wait and see how new rules will affect the market and hopefully reduce the heat and possibly push prices down. How new stress test will affect the market will be seen in upcoming months.

Average sold prices demonstrated either single-digit increases or remained unchanged in most of the housing categories, with exception of 1 bedroom condo apartments where we can see around 4% price growth in the second month in the row.

Year over Year price growth numbers are 20% and up compared to May 2020 in most low-rise types of homes.

The average price of more affordable condo apartments continued steady growth in the single digits.

 If you are thinking of selling your home, do not wait. Take advantage of this still strong market!

Please see the details below.

Detached houses

In the month of May average sold prices of 4 bedrooms detached homes went slightly down by -2% compared to April 2021 but still +3.5% up compared to the most active month of March 2021. After a 20% drop in the number of sales in April, the number of units sold in May remained almost the same as in April 2021. The number of New Listings that entered the market in May slightly declined from 356 in April to 331 in May.

Year over Year Price Increase is +25.3%.

The average sold price of 3 bedrooms detached houses went up by +1% compared to March 2021and +3.9% compared to April 2021. In the month of May, we still had a -20% decline in the number of sales compared to March 2021but there were +20% more sales compared to April. Slightly more new listings entered the market in May: 110 new listings in April and 114 in May.

Year over Year Price Increase +25.3%.

 

Semi-detached houses

Prices of 4-bedroom semi-detached houses are -4.3% down compared to April and -2.7% compared to March 2021. The number of units sold continues to decline as well as the number of new listings.

Year over Year Price Increase +15.9%.

 

3-bedroom semi-detached homes prices lost  -4.2% compared to April 2021. The number of new listings has continued to decline for the second month in a row. If in March we had 79 new listings (40 units sold), in May we had only 48 new properties (31 was sold) which outspeed the numbers of sales.

Year over Year Price Increase +16.8%.

 

Townhouses 

 4-bedroom townhouses average price returned to the March number. Number of the new listings was -50% down compared to March 2021 and almost equal to number of sold properties in May– 16 new listings and 14 listings sold.

Year over Year Price Increase +21.3%.

 

 

The average price of 3-bedroom townhouses was up by +1% compared to April and March 2021.  -48% less of new listings in May compared to the March and only -30% less sales for the same period is indicating more tight market conditions and less choice for Buyers.

 

Year over Year Price Increase +16.5%.  

 

Condo Apartments

1-bedroom condo apartments price continued steady growth for the 4th month in a row and were up by +4% in April and another +4.4% in May 2021.  New listings remaining on the same level ( 92 New listings in April) with a slight decline in May (83 New Listings in May), however the number of sales keeps going down. 25% fewer sales were reported in May compared to April 2021.

Year over Year Price Increase +16.3%.

 

 

The average price of 2-bedroom apartments lost -1% in May compared to April 2021. -17% less of New listings entered the Market in May (119 New listings in April, 101 New listings in May), a number of sales remains unchanged in May 2021.

Year over Year Price Increase +8.2%.

 

Thank you for reading this report. I will be happy to provide you with a detailed report for your community and property type.

Please do not hesitate to reach me over my phone, text, or email.

Olga Timofeeva: Sales Representative

Buying and Selling Specialist

International Realty Firm, Inc.

c: 647.393.9000

o: 647.313.3400

olgarealestate.ca@gmail.com