Vaughan Housing market continues being very strong - Jun 30 21

Vaughan Housing market continues being very strong - Jun 30 21

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The Freehold housing market in Vaughan is still robust in June.

Freehold Attached Market

The average price of freehold attached houses, including town, semi, and link houses, was down 1.1% from the previous month, up 16.1% 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 0.7. This segment of housing is currently in a Strong Seller's Market.

Freehold Detached Market

The average price of detached houses was unchanged v.s. last month, up 21.0% from the same month last year. Approximately 63.9% 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 $1.7M. The current month of inventory of detached dwellings in Vaughan is around 1.53. While sold listings continue declining, new listings dropped even fast by 26%.

Condo Market

The average price of the condo apartment broke the record of April, up 3.2% compared against May, now $670K. It was a seller’s market and the average date to sell the condo apartment in Vaughan is about 20 days.

With summer months coming, we will keep a close eye on two key indicators related to the housing market, interest rate and landed immigrants.

Many economists predict the BoC would increase the interest rate earlier due to the inflation risk. Given the significant increase in debt for the Canadian household, the sensitivity to the interest hike will be much higher than in the past, which will hit the economy harder if BoC waits too long to hike the rate. Such fear of inflation may drive the BoC to raise the rate sooner than most people expected.

The progress of ending this pandemic will be one of the critical factors to affect new Immigrants landing in Canada. We almost see the light at the end of the tunnel as more and more Canadian are fully inoculated. But variant viruses are still a big uncertainty.

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.