Sellers getting above asking in York Region

Vaughan, ON

The big development news in York Region continues to be the Vaughan Metropolitan Centre. This 15-plus-year development will encompass 1.5 million sq. ft. of office space, 750,000 sq. ft. of retail and a minimum of 12,000 new residential units. At the moment a subway extension is in the process of connecting to the Centre. It is also forecasted that over 11,000 permanent jobs will be created by the addition of the Centre. Looking at the current market it is very much in favour of the seller. With limited inventory, the average selling price these days is 104% above asking. Year over year the median sale price in York Region was up 25% to $987,679 in September 2016 vs. $792,973 in September 2015. On a month-to-month basis the inventory of homes in September was up 24% to 3,160 vs. 2,403 in August, while homes sold at a faster rate in September—15 days—vs. 17 days in August.