The Vaughan real estate market is influenced by features such as the demographics of its residents that includes a thriving highly skilled youth population. The city is also home to York University and Canada’s Wonderland and gives easy access to Toronto, other features that have played roles in influencing the steady growth of the market through many decades.
According to statistics from September 2022, the average price of homes in Vaughan is about $1.3M. These homes include townhouses, condos, and detached homes spread across the 19 neighborhoods of the city.
The current average selling price of homes in Vaughan reflects a monthly increase of 1.8% and a quarterly change of 0.1%. The data also showed a decrease of 1.2% between the current average selling price of homes and that of a year ago.
Current data also indicate that the average time homes are spending on the market is 24 days. Other findings include the average number of homes sold as 230, the new listings as 468, and the selling-to-listing price ratio as 97%. Available data also shows a decline in the number of new listings across all the categories of homes in the city.
Detached homes currently available on the market range from two-bedroom units to six-bedroom units. The average selling price of detached homes from available data is $1.6M. This reflects a 7% decrease from the prices from one year ago. The specific figures for three beds, four beds, five beds, and six beds are $1.4M, $1.7M, $2.1M, and $3.4M, respectively. These figures reflect changes of -8%, -8%, -2%, and +70%, respectively, from those of one year ago.
Townhouses currently available on the Vaughan real estate market include two-bedroom units, three-bedroom units, and four-bedroom units. The average selling price of townhouses is $1.1M reflecting an increase of 2% from the prices of one year ago.
Two-bedroom townhouses have an average selling price of $775,000, an increase of 2% from the prices of a year ago. Three-bedroom townhouses have an average selling price of $1.1M reflecting a decrease of 1% from the prices of a year ago. Four beds are currently available at an average price of $1.2M reflecting a 2% decrease from prices of a year ago.
For condos, current listings include units with one bedroom, two bedroom, and three bedrooms. The average selling price of condos on the market is $705,000. This is an 8% increase over the price of condos from a year ago.
One-bedroom condos in Vaughan are averaging $592,000, an increase of 1% over the price of a year ago, $584,000. Two-bedroom condos have an average price of $751,000, a 6% increase over the price of a year ago. The average selling price of three-bedroom condos listed in Vaughan is $996,000. This reflects an increase of 14% over the price of units one year ago.
These current figures put the Vaughan real estate market as the fifth most expensive in the Greater Toronto Area. It is also the 13th fastest selling and the 9th fastest growing. The Vaughan real estate market has the eighth highest turnover of the 23 markets in the GTA.