Located just north of the City of Toronto and bordering the southern edge of Lake Simcoe, York Region is a flourishing cluster of municipalities poised for booming population growth; according to the York Region Development Action Plan, the number of people living in the region is excepted to balloon from 1.1 million to 1.8 million by 2041, while the job market will expand to provide over 900,000 positions.
This prospective growth, as well as convenient commuting proximity to Toronto, has made York Region a popular real estate destination in recent years. However, its local markets have weathered the changes introduced by the Fair Housing Plan and federal mortgage stress test harder than most due to its overall higher price point and greater concentration of luxury neighbourhoods; according to the Toronto Real Estate Board, a buyer could expect to pay an average of $1,163,668 for a detached house in October, not far off from the $1,323,015 they’d pay within the 416.
This has contributed to dramatically slowing sales following the introduction of the FHP – which included a GTA foreign buyer’s tax and rent controls – in March 2017. Activity fell -30% in Newmarket and Aurora, as well as by -27% in the Richmond Hill real
York Region Real Estate Remaining on Market for Longer
It also takes longer today for those listing their properties to sell their homes – an average of 32 days on market (DoM) in October of this year, compared to just 16 in 2016. DoM is defined as the average number of listing days on the market for firm transactions entered onto the TREB MLS between the first and last day of the month.
According to Claudio Castro, a Zoocasa real estate agent in York Region, DoM is a helpful metric for buyers and sellers to review during the research phase of their home purchase or sale. Regardless of property type, this information can provide helpful context as buyers and sellers compare market activity in areas of interest. For example, if buyers notice detached homes have longer DoM compared to semi-detached homes and condo markets in a particular region, it can provide some indication of emerging market trends.
However, it should be noted that the DoM also includes properties that have been relisted; under current real estate disclosure rules, sellers can choose to remove their listing from MLS at any time and repost it at a later date, with a new MLS identification number and price. Doing so is often a common marketing tactic in a slower market, as it allows the listing to draw fresh attention from a buyer pool at a different price point.
For individual listings, Castro notes that there could be multiple explanations for why a specific listing is active on the market for a longer period of time. For instance, it could be that a conditional sale fell through, or that the seller did not get the price they were hoping for during an offer presentation. On the flip side, just because a property sold quickly, it doesn’t always mean it sold for the right price. In every scenario, it’s important that buyers and sellers work with their agents to conduct thorough due diligence on average sale prices, lot sizes, and sales trends to get a holistic understanding of
How Long to Sell a House in York Region?
However, as York Region is made up of nine different municipalities – Vaughan, Newmarket, Markham, Richmond Hill, Whitchurch-Stouffville, East Gwillimbury, Aurora, Georgina, and King – market conditions vary within its borders.
To find out just how long sellers can expect to take to sell their homes in York Region, Zoocasa compared the average days on market (DoM) for 2016 and 2019 in each. DoM data was sourced from the Toronto Real Estate Board.
According to the data, those looking to sell properties in King City will face the longest timelines to do so, at an average of 79 days, compared to 37 in 2016. That’s followed by Georgina at 42 days, up from 15, and Aurora at 37 days, versus the previous 11.
However, average DoM was much shorter for houses for sale in Vaughan, which neighbours Toronto and has a connection to its downtown core via a newly-built public transit arm. There, sellers can expect their properties to linger on the market for an average of 25 days, compared to 12 in 2016. Houses for sale in Newmarket and Markham also sell on average within a month at 25 and 29 days, both up from 14 in 2016.
Check out the infographic below to see how DoM has changed between 2016 and 2019 across York Region municipalities.
Tips for Buying a House in York Region
In today’s York Region market, Castro recommends that move-up buyers looking for detached homes pay close attention to DoM as they plan for their sale and new home purchase. Generally speaking, in conditions where DoM
For these buyers, he stresses the importance of ensuring that financials and paperwork are in place early on and also recommends staging, decluttering, and investing in necessary renovations for their current property to help their listing stand out.
Methodology
Days on market data for York Region and York Region municipalities were sourced from the Toronto Real Estate Board (TREB).
Days on market is defined as the average number of listing days on the market for firm transactions entered into the TREB MLS system between the first and last day of the period being reported.
About Zoocasa
Zoocasa is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions. View real estate listings at zoocasa.com or download our free iOS app.
