Vaughan Housing Market Report - May 2021

Vaughan Housing Market Report - May 2021

Vaughan Housing Market Report - May 2021

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The average price of the freehold detached houses declined by 8% in May.

Freehold Attached Market

The average price of freehold attached houses, including town, semi, and link houses, was unchanged v.s. last month, up 18.6% from the same month last year. The average time to sell this type of home is around 10.4 Days. The current month of inventory of Attached houses in Vaughan is about 0.9. This segment of housing is currently in a Strong Seller's Market.

Freehold Detached Market

The average price of detached houses was down 8.4% from the previous month, up 22.9% from the same month last year. Approximately 67.9% of total freehold units sold in Vaughan last month are Detached houses. If you plan to buy a detached home in Vaughan, you will need to spend an average of $1.65M. The current month of inventory of detached dwellings in Vaughan is around 1.47. Both new listings and sold listings are down this month, with the sold listings dropped faster at 11%, indicating a softer market in the following month. With the new mortgage stress test rule effective on June 1st, buyers will qualify less on the mortgage to purchase a home. The reduced buyer's affordability could impact the market in the coming months.

Condo Market

The average price of the condo had its first decline since last Dec, down 3% compared April, but up 8% v.s. last May. The sold listing dropped by 31%. Such a significant drop could be due to the lockdown starting in the mid of April.

If you plan to move to Vaughan or you want to learn more about real estate investment opportunities in Vaughan, please contact Vaughan real estate agent Realtor Alan Zheng at 647-877-9311.