Unstoppable Growth in Woodbridge

The City Above Toronto Sees A Boost To Real Estate Values

Unlike many regions looking at a decline in residential sales due to a lack of consumer confidence, hotspots such as Vaughan, Ontario, the “City above Toronto” are actually recording a ’seller’s market’ due to rapid expansion. Over the last 20 years, the region has risen from a primarily rural township to a busy hub of communities that are all seen as piece of the city of Vaughan. The population of Vaughan exploded 276 percent in the ten year timeframe from 1986 to 2006, and by 2031 there could be well in excess of 1.5 million residents in the region.

The census figures from 2006 show] that Vaughan is attracting a lot of young home owners, with 81 percent of the city below 55 years old with a median age of 35.9 years, that is significantly smaller than the 39 year-old average for Ontario. The appetite for single-family dwellings has swelled as a result, and although 65% of the homes still consist of detached dwellings, studies by the York Region Planning Department show there is a steady shift in condo apartments and multiple-row home construction in the past few years. Statistics also show that the average median income of Vaughan residents is 31 percent more than the Canadian average, and as a result the housing prices are generally a bit more than in neighboring Toronto.

The closeness to Toronto services is one rational Vaughan real estate has become so popular, chiefly because the way of life offers such a contrast to the dense urban occupancy of the metropolitan area. The region has strived to maintain a small town local feel by focusing on lots of green spaces inside well designed neighborhoods naturally sectioned into communities which have modern schools and civic hubs. As opposed to many ‘bedroom communities,’ Vaughan has plenty daycare and health care providers — including a new regional hospital — and upscale shopping centers, restaurants and well-maintained public recreational facilities.

As the population in Vaughan has climbed, the infrastructure has kept pace with the demand for access to Toronto for the daily traveler, and there is an impressive grid of four lane roads that connect the interstates and toll roads to city streets and main roads. The Greater Toronto Transit Authority, referred to as GOT, provides inter-regional commuter trains and buses for rush hour, and the Viva Bus line has streamlined Van Hool blue buses that service the York Region Transit service. The Greater Toronto Transit Authority, known as as GOT, provides rush hour passenger trains for stations in Vaughan and the Toronto Transit Commission (TTC) has passenger routes that link to subways and RT stations in Toronto.

Another reason for the Vaughan real estate rise is the size of land still procurable for building. This is particularly alluring to those looking to build a custom house or who want to plan an estate from scratch. The wide open areas also mean there is potential to build new entertainment places like the Canada’s Wonderland theme park located in Maple, one of Vaughan’s districts, that pulls in a wide range of visitors to inject money into the local economy.Farmland makes up a significant portion of open land and there is a move afoot to try and protect it.Together with Maple, various other small regions encompass the city of Vaughan. They consist of Woodbridge, Markham, Concord, Kleinburg and parts of Thornhill. The distinct flavor of each community is a result of the blending of older family homes, high-end master-planned areas and multi-family homes that are combined with industrial sections and retail complexes.

Source

Vaughan's Spotlight on Volunteers

In celebration of National Volunteer Week, the Mayor and Members of Council recognized 73 outstanding individuals at a special ceremony in Council Chambers on April 21.

“Vaughan has a variety of organizations that contribute to our vibrant and healthy community,” said Mayor Linda Jackson. “Volunteers are the backbone of any great community and the City is proud to honour the outstanding achievements of these amazing people.”

Earlier this year, City of Vaughan not-for-profit and community organizations were invited to nominate their Most Outstanding Volunteer of 2009. More than 70 nominations were received for this year’s awards program. The event also featured musical entertainment by Jeff Taylor and the Senior Leadership Team band and light refreshments.

“All community volunteers deserve recognition and our gratitude for their selfless efforts,” said City Manager Clayton Harris. “This event has special meaning in that many of the award recipients were nominated by their peers and fellow volunteers.”

More than 150 friends and family of the recipients attended the special event where Mayor Jackson presented each recipient with a Volunteer Recognition Certificate and pin.

Attachment: Volunteer Awards List 2009.pdf (34.88 KB)

Send me an email at david@davidpylyp.com to add your community event or fund raiser.

May in Woodbridge Vaughan

On May 5th the Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 per cent increase compared to April 2009. There were also 20,683 new listings in April – a 59 per cent annual increase. Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.

“The GTA resale market is functioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth,” said Toronto Real Estate Board President Tom Lebour. “More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010.”

The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009.

“Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”

So lets Look at Your Neighbourhood Woodbridge. You are in N08. Whether or not Toronto is happening Woodbridge is its own sphere of influence. N08 had 1,888 homes available for sale in the last 30 day period ended April 30th. Of those 983 units sold, that is an absorption rate of 52% or basically a 5 week supply of houses.

Looking exclusively at detached homes; 458 were available to be purchased on the market with 177 homes that actually traded. The average value of those homes selling is $585 K. That is not (usually) First Time Buyer Territory. Inventory is taking a little longer to clear out which could indicate a softening of demand and an opportunity to pick through the available homes for a bargain or two.

If you are considering a purchase in this community, I would be pleased to assist you. Accordingly, if you would like an Opinion of Value or Market Evaluation Give me a call at 647 218 2414. Contact me david@davidpylyp.com

Vaughan Woodbridge Update update May 2010

We have all heard the catchy little jingles about The City above Toronto, The City of Vaughan!

But Vaughan is coming into its own unique character. The wiki for Woodbridge says;

Woodbridge is a large suburban community (Estimated 2006 pop. 101,170)^[1] in theCity of Vaughan, just north of Toronto in Southern Ontario. It was once an independent town before being amalgamated with nearby communities to form the city in 1971. Its traditional downtown core is the Woodbridge Ave. stretch between Islington Avenue andKipling Avenue north of Highway 7. Woodbridge has a large Italian immigrant population but has been experiencing a growth of other cultures since 2000 with increased housing development.

Statistics are down as a whole for the N08 region on the Toronto Real Estate Board Stratus system. We know that it was another record breaking month. Sales are still booming and the inventory levels are starting to rise a little bit. He has put some numbers together for you so you will have this information a few days before TREB releases it to the media.

In April there were 10,889 sales reported to TREB! That hits another record for April, so sales are chugging along quite nicely. As of yesterday there were 22,659 homes for sale. Inventory has jumped from 18,431 last month which is a 22% increase. This may seem like a huge jump, but it’s not uncommon between March and April. There are still plenty of sales to support the inventory level with the exception of certain areas and price ranges.

We are clearly experiencing one of the most interesting real estate markets ever. While other economies and marketplaces are suffering, Toronto just seems to be oblivious to it all. We should be thankful that we live in an area that has one of the strongest economies and real estate markets in the world.

Details of individual stats by housing type and average sale will be available with the release of the Market Watch Newsletter. Please revisit the site in a few days If you wish to receive the Market Watch Publication as part of my email newsletter distribution please send an email to david@davidpylyp.com with your contact information and I will be please to add you to the recipient list. You may opt out at any time.

If you are considering the sale of your property and wish an agent who is professional and persistent in getting things done, Creative, Honest and delivers a touch of panache, Give me a call at 647 218 2414 or 905 361 3387. I would be pleased to hear about your situation or connect here at my Dream Home Finder Page.