Vaughan Real Estate Talk
How Much Down Payment for a Condo in Toronto
You might have been planning for a while how you will purchase a condo in Toronto without knowing something important. That important thing is, of course, the down payment you will be required to pay when buying. The said down payment always varies depending on the price of the home a buyer intends to buy. […]Read More
Hampton Heights Barrie-Exclusive Detached Homes
Every family has an idea of their dream home. Some want it to be big others desire it to be small but cozy. However, these days owning a dream home seems like an impossible task. Property prices have been increasing rapidly, and buyers find it hard to get the property they desire. Some are still […]Read More
Top 10 Reasons City Pointe Heights Is Brampton’s Best Investment In 2022
City Pointe Heights is a new pre-construction condo development situated at The Gore Road & Queen Street East, Brampton, ON, Canada. It is found in the Peel regional municipality which is in the province of Ontario. It has excellent units which range from 433 to 861 square feet in size. It was launched in 2022 […]Read More
The Fifth At Charisma
The Saw Whet Condos WHERE MODERN LIFESTYLES MEET INSPIRING FUTURES The Fifth at Charisma will be the final tower of this master-planned community in Vaughan. Located on Jane Street near Rutherford road, it’s steps from Vaughan Mills, and only a short distance from the Vaughan Metropolitan Centre and the subway to the city. This final […]Read More
5th At Charisma, the Condo project you have been waiting for is finally here!!
Finding the best condo project might be a hassle because you have to find the complete one with a perfect location and can even offer value for money. The outlook of the condos project should be something close to perfection if you expect it to be a disappointment; accessories and details have to look right […]Read More
What Makes Fernbrook Homes the Finest Of Home Communities?
For over four decades of massive success in the real estate sector, Fernbrook Homes is arguably the leading builder in Canada. Since 1981, they have managed to construct exceptional and distinguished communities. This has seen them grow into a reputable, trusted company that highly promises to solve all your housing needs. Fernbrook Homes creates the […]Read More
The City of Vaughan, Ontario is located in the York regional municipality to the north of Toronto, Canada. For ten years between 1996 and 2006, Vaughan was recognized as the fastest-rising municipality in Canada. The city’s population rose 80.2% compared to the previous decade during this period.
The city has largely maintained this growth rate to now rank fifth among the largest cities in the Greater Toronto Area. Vaughan is also ranked the 17th largest city in Canada.
This growth came alongside significant developments to keep Vaughan pace with the needs of a larger community. As a result, Vaughan is an excellent place to live and work, boasting a litany of lifestyle centers, recreation facilities, and numerous employment opportunities.
Situated less than an hour from downtown Toronto, Vaughan borders Caledon and Brampton to the west, Toronto to the south, and is bounded by King/Richmond Hill to the north and Markham/Richmond Hill to the east. The city boasts an expansive land area with close to 10,153 acres of green space land.
Why Live in Vaughan?
Vaughan is a beautiful city suited to family life. Both of the city’s highest geographical points, just south of King-Vaughan Road, and its lowest geographical point offer a combination of a breathtaking view of the scenery and beautiful nature to help you unwind.
Though a small city itself, Vaughan is a part of the large urban area that encompasses Toronto-Mississauga in Ontario. With a population of more than 330,000 people, Vaughan has developed into an important center of culture, education, social life, and sports.
Further, the local government recently improved city-wide health facilities to bring them in line with other infrastructure and social amenities. It is also easy to find houses for sale in Vaughan, meaning the city can now offer a wholesome lifestyle like most other metropolises. Today, it’s easy to find large Italian and Jewish communities in Vaughan, combining both recent immigrants and the families of those who immigrated to Canada ages ago.
Such cultural integration has given Vaughan a rich lifestyle. Together with the numerous job opportunities in the city and its proximity to Toronto, the city of Vaughan is now an ideal place to live and work.
Benefits of Moving to Vaughan
If you’re attracted to the likelihood of living in the city of Vaughan, then consider moving here. There are lots of fun things to do in Vaughan. When considered alongside the great employment opportunities and quality of life, this section will help you decide whether or not to move to Vaughan.
i) Multi-cultural Population
Whether you’re immigrating to Canada or just relocating from another Canadian city, Vaughan is an ideal destination for you. The city’s population of about 340,000 people is growing quickly and incorporates about 30% of visible minorities.
You won’t feel out of place in Vaughan, whatever your ethnicity, as most residents understand English. Still, the city has a high concentration of Southern European Canadians, Eastern Europeans, and Jewish people in Ontario.
ii) Better Median Income
Living in Vaughan is not as expensive as in other nearby cities such as Toronto. Further, the majority of Vaughan households earn more than $150,000 per year, with the average household income currently at $105,351. While there is a good amount of household income variation in the city, working in Vaughan should be more comfortable. However, a few households make well below the $100,000 per year.
iii) Vibrant, Family-Friendly Neighbourhoods
Vaughan is a world-class city with a bustling community vibe. There are all kinds of schools for children, including private schools, French-immersion public schools, English public schools, and religious-based education among others.
You can easily access numerous recreation centers and parks, while there are plenty of family-friendly activities to keep your kids busy. This environment suits family life excellently.
Job Opportunities in Vaughan
The City of Vaughan was recently named as one of the top employers in the Greater Toronto Area for 2022. This was the city’s second successive appearance on the list, showing how devoted the city is to its staff. In fact, the City of Vaughan considers its staff the greatest resource available and therefore employs international best practices to support its workforce and their shared objectives.
Beyond job opportunities with the city, Vaughan residents have multiple work opportunities to consider. You can easily build yourself a challenging, rewarding, and motivating career while living in Vaughan, with several companies operating from or within close reach of Vaughan.
Some of the major employers in Vaughan include KPMG, Seacore Seafood, Burnco Manufacturing, Construction Control, Kii Naturals, and the Mircom Group. Others include Bell Canada, Scotia Bank, Cortel Group, Pizza Nova, and many more. However, you can also work with smaller businesses and startups within the city.
To provide an attractive employment environment, the City of Vaughan has been committed to promoting employment equity that encourages applications from First Nations, Metis, and Inuit people. Members of Black communities, persons with disabilities, members of visible minority groups, the 2SLGBTQ+ community, and many other special interest groups are considered and supported in finding employment.
Some of the current job opportunities in Vaughan include;
- Customer Service I – TD Bank
- Seasonal Tesla Advisor (Part-time) – Tesla
- Private Client Advisor – Louis Vuitton
- City Manager – City of Vaughan
- Assistant Manager (Retail) – GameStop
- Warehouse Associate – United Parcel Service
- Personal Banker – HSBC
All employers in Vaughan are also required to comply with the Ontario Human Rights Code, the Accessibility for Ontarians with Disabilities Act (2005), and the City of Vaughan’s Accommodation Policy, among other regulations that promote the city as a worker-friendly area.
These measures continue to bear fruit for both workers and employers. In 2017, for example, Canadian Business named the city of Vaughan atop the list of most lucrative places for business in Canada. Key to this decision was Vaughan’s ease of mobility to and from other cities as well as its diverse, rapidly-growing community that provides plenty of opportunities for companies seeking a new market.
The Housing Situation In Vaughan
The housing market in Vaughan city is dominated by preconstruction properties. While the ready-build and resale markets lead in terms of prices, more preconstruction homes in Vaughan city are sold per year compared to the other two markets.
Of these properties, there were more preconstruction condos sold than any other type of property. A REALTOR® study found that preconstruction condos cost less than all other homes for sales in the city of Vaughan, while their construction also took a much shorter period to completion.
When you buy a preconstruction townhome in Vaughan, for example, you’ll have easier access to such critical city facilities, attractions, and educational institutions. This is because townhouses are mostly constructed in certain areas of the city like Maple and more. Similarly, preconstruction detached homes in Vaughan attract higher prices. The properties often come with huge space, multiple bedrooms, and more.
Preconstruction townhomes are generally on the rise in Vaughan due to the city’s efforts to modernize and attract more residents. Several facility developments are already underway, such as the YMCA/Library which will feature a gym, library, performance space, and childcare facilities.
Residential Properties In Vaughan
The market for residential properties is awash with options for the potential buyer. For one, you can choose which market to buy from, with there are several housing units for sale on the resale, new construction, and preconstruction property markets within the different neighborhoods of the city of Vaughan.
Similarly, potential homebuyers also get to choose their preferred homes. At present, there are numerous new construction condos in Vaughan trading at competitive prices, while preconstruction homes come with lots of other added benefits.
Preconstruction homes in Vaughan
The market for preconstruction homes in Vaughan has the most inventory, with the housing projects available at different stages of their development. For instance, you can buy a home from any one of the Vaughan preconstruction projects immediately after the developer secures the required approval for the building plan.
As a result, Vaughan’s preconstruction housing market has more inventory with diverse offerings. These include condos, townhomes, detached homes, and semi-detached homes, with each type of home varying in size.
The projects are often at different stages, but most sell out even before construction begins. On average, a REALTOR® survey established that the average period for completing the development of a preconstruction housing project was 3-4 years.
Ready-build homes in Vaughan
By contrast, the ready-build market recorded higher property prices than the preconstruction market. This market also included both resale properties as well as new construction houses for sale in Vaughan and mostly attracted those buyers interested in closing the transaction faster.
In 2021, for example, the market for new construction and resale houses was more popular among families that had recently moved to Vaughan than the preconstruction market. This differential is attributed to the availability of homes for rent on the ready-build housing market.
Types of Houses in Vaughan
Whether you buy a home on the new construction, resale, or preconstruction housing market, residential properties for sale in Vaughan are generally condos, townhomes, and detached homes.
Before buying your dream home, we recommend that you explore the various preconstruction-stage townhomes in Vaughan, preconstruction condos, and many other housing units available in the city. If you love living close to water, then consider the preconstruction detached homes in Vaughan that have the most ideal beachfront homes for you.
Townhomes in Vaughan
The are lots of townhouses available for sale in Vaughan. While these properties vary in size, location, and facilities among others, the townhomes listed around Vaughan are classy and spacious, while most have a beautiful yard.
Key preconstruction townhomes in Vaughan include the McQuarrie Landing Towns project at 10294 Keele St. as well as the Kensington District Towns at 102 Farooq Blvd.
Detached homes in Vaughan
Most of the detached homes available for sale in Vaughan are single-family properties. They come with an extensive array of beautiful features and family-friendly facilities. These homes are also located within close proximity to excellent schools. Some of the biggest detached home developments in Vaughan include the Pine Valley Forevergreen.
Condos in Vaughan
The Vaughan housing market has very pristine condos to choose from, often located in bustling neighborhoods. These properties have a huge variation in price depending on location and facilities and come with several convenience and security features to make you feel at home right away.
Major preconstruction condo projects include Artwalk Condos at 101 Edgeley Boulevard and the D’or Condos on Bathurst Street.
Semi-detached homes in Vaughan
If you’re looking for a withdrawn home in Vaughan, then a semi-detached home is for you. The properties often sit on expansive lands, boast huge yards, and have numerous bedrooms and baths to boot. While they don’t come cheap, semi-detached homes in Vaughan guarantee safety and privacy without isolating you from your nearest neighbors.
Real Estate Prices In Vaughan
The price for a residential property in Vaughan depends on various factors, not least the prevailing demand-supply dynamic. The type of house you want also determines the price you pay, with all preconstruction homes in Vaughan costing less than similar ready-build and resale properties listed for sale.
As of May 2022, the residential real estate market in Vaughan averaged just about 900 units listed every 28 days. Compared with the prevailing demand for housing units, this meager supply explains why there has been an increased uptake of preconstruction townhomes in Vaughan.
Buying more preconstruction houses helps ease the demand for homes in the city. Similarly, there were more condos for sale in Vaughan than in its respective neighboring cities, while neighborhoods close to the city center recorded more sales than those in areas far away.
Data from Listing.ca shows steady month-on-month housing price hikes throughout 2021 and into the current year. Of the near 900 houses listed for sale every 28 days, the Vaughan real estate market recorded an average of 255 home sales every month, with the homes sitting on the market for just 13 days on average.
The preconstruction homes market is very different, however. Data from the Ontario Real Estate Association (OREA) shows an average of 84 units of preconstruction detached homes in Vaughan every month. In all, the market for preconstruction homes in Vaughan continues to flourish as the city’s efforts to modernize and attract more residents bear fruit.
As the market grows tighter and more competitive, we expect home prices to keep rising regardless of the type of property you buy. Thus, all new construction condos, townhomes, and detached homes in Vaughan will attract higher and higher prices, with the average price of all homes in Vaughan this year already 17.69% higher than the average prices in 2021.
The entire York Region is experiencing the highest average prices for a townhouse compared to every other city in the Greater Toronto Area. With houses for sale in Vaughan remaining on the market for so short a time and Vaughan townhomes already more expensive than those throughout York Region and the Greater Toronto Area, the preconstruction market holds the clearest choice for potential homebuyers on a budget.
Price Trends For The Last 5 Years In Vaughan
Over the last five years, real estate prices in Vaughan have been rising steadily. Industry experts attribute this to high competition for residential properties in Vaughan and its environs. In fact, some people working in nearby cities such as Markham, Toronto, Hamilton, and Scarborough among others also live in Vaughan.
In effect, this has decimated the available supply of both ready-build and new construction homes in Vaughan, meaning demand has consistently outstripped the supply of housing inventory.
Beyond this, the rate of population growth in the city means competition for available housing units has never been fiercer. This has in turn impacted house prices, pushing the median price of a 2-bedroom townhouse above $1 million for the first time in a decade. In the meantime, any available units are bought at an increasing rate, with data showing the average days on market for a home in Vaughan presently stands at just 13 days.
The table below illustrates how the average price of the respective types of houses has changed since 2018. These prices are arrived at by averaging the prices across different house sizes and price ranges.
Average Sale Price Per Year (CAD)
| Type of House | 2022 | 2021 | 2020 | 2019 | 2018 |
| Detached house | $1,318,861 | $1,282,250 | $1,206,183 | $1,190,775 | $1,080,937 |
| Townhouse | $1,176,597 | $1,120,250 | $1,040,625 | $1,005,625 | $930,000 |
| Condo | $803,000 | $786,000 | $754,346 5 | $733,92 | $658,925 |
| Semi-detached | 1,122,823 | $1,130,062 | $1,047,737 | $972,09 | $984,424 |
Should You Buy a Preconstruction Home in Vaughan?
New construction homes in Vaughan are ideal for new families. They help you to get your exciting home without committing too much of your resources, and also come with fewer maintenance works than resale properties. These homes are too expensive, however, making preconstruction homes the better alternative.
The decision on whether or not you should buy preconstruction homes in Vaughan depends on your preferences, budget, and the time factor. It is well-established, for example, that the overall cost of buying a preconstruction home is less than the cost of a similar property on the resale market. Similarly, buying a preconstruction home in Vaughan is only suitable for those not looking to move in soon, with these developments taking about three years before they are occupied.
As usual, getting a new construction house comes with so many new dynamics that may not be there with old homes. This is especially true when buying preconstruction detached homes in Vaughan, or even condos and townhomes.
Essentially, the market for preconstruction homes allows the homebuyer to customize their future property at no additional costs, so long as the approved building structure is not altered. This is totally different from both new construction and resale homes listed for sale in the city, as every single alteration costs more money. This eventually makes buying a home on either market very expensive.
Buying a preconstruction home in Vaughan also comes with the added satisfaction of knowing that no one else has lived in it before. Further, the newly constructed home is the perfect blank canvas for you and your new family to start your new life.
As the construction of new preconstruction homes in Vaughan continues to pick up pace across all housing types, there are multiple opportunities for you to buy a preconstruction home. This is the time to move your family to Vaughan and buy a preconstruction home.
Why You Should Invest In Preconstruction In Vaughan
Other than preconstruction detached homes in Vaughan, you can also get townhomes, condos, and semi-detached homes at various stages of the preconstruction phase. Some of these new developments have been completed recently, but such projects are often sold-out and just awaiting their new owners to move in.
So why should you invest in preconstruction home developments in the city of Vaughan?
i) Chance for higher returns
Buying preconstruction is cheaper than a resale property. With free house modification and customizations, you acquire a customized house at no additional cost. Being the first owner, you also require minimum adjustments, which keeps your home maintenance costs low.
Due to this, buyers of a preconstruction home stand to make higher returns if they ever choose to sell the property later on.
ii) No Bidding Wars
When you buy a preconstruction home in Vaughan, you buy at a listed price per square foot. This price often remains constant regardless of the prevailing demand, while this market allows for flexible payment options for the required deposit.
Because of this, the preconstruction housing market in Vaughan rarely experiences bidding wars. This is contrary to the norms of both the new construction and resale housing market, where the ultimate buyer has to bid thousands of dollars above asking to close the deal.
iii) Vaughan suits family life
We reckon the biggest reason to buy preconstruction homes in the Vaughan is the city itself: Vaughan is beautiful, and your family will love it here. Buying preconstruction townhomes, detached houses, or even condos for sale in Vaughan is just a bonus, as the market is more affordable than houses on the resale market.
For instance, Vaughan is located strategically within the Greater Toronto Area such that its residents enjoy the simplicity of a small city but with the privileges and opportunities that come with being near a metropolis like Toronto.
The city has well-established neighbourhoods that are modern, vibrant, and homely for inclusive family life. Here, potential homebuyers will find almost everything they need for their family to have a satisfying and comfortable living.
Furthermore, the location of new construction townhomes in Vaughan is ideal for new families. Most new construction developments are being set in impressive neighbourhoods with good schools, well-paved roads, amenities, and low crime rates. Transport within and outside the city is also very efficient while being a short commute from Toronto makes Vaughan easily accessible by road or rail.
Major Preconstruction Projects In Vaughan
If you would like to buy preconstruction homes in Vaughan, this section helps you know about the major preconstruction housing projects currently available across the city. These homes include townhouses, condos, and detached houses among others.
i) The Collection Towns
The Collection Towns is a new preconstruction townhome project developed by both Fieldgate Homes and SmartREIT. This project is located at 10071 Weston Road and features a 3-storey townhome design with suite sizes ranging from 1608 – 2729 square feet.
Facilities and Amenities
- Private Backyard
- Private Balcon
- Centrally located
- Multiple nearby shopping options
The Collection Towns Details
| Building Type | Townhome |
| Development By | Fieldgate Homes, SmartREIT |
| Architect | TBD |
| Development Status | Preconstruction |
| Sales Status | Now Selling |
| Suite Sizes | 1522 – 2393 sq ft |
| Occupancy | 2024 |
| Storeys | 3 |
ii) Kort View Condominiums
Kort View Condominiums is a new preconstruction condo development by Royalpark Homes located at 9691 Islington Avenue.
Facilities and Amenities
- Fitness Center
- Rooftop Pool & Spa
- Rooftop BBQ
- Large balconies
- Rooftop Terrace
Kort View Condominiums Details
| Building Type: | Condo |
| Ownership: | Condominium |
| Sales Start: | To Be Determined |
| Construction Status: | Preconstruction |
| Construction Start Date: | To Be Determined |
| Estimated Completion: | To Be Determined |
| Builder(s): | Royalpark Homes |
| Marketing Company: | International Home Marketing Group and Maverick Graphics Inc. |
| Sales Company: | International Home Marketing Group |
iii) Artwalk Condos
Artwalk Condos is a new preconstruction condo development by SmartLiving. The property is located at 101 Edgeley Boulevard and contains 628 units ranging from 508 to 892 square feet per unit.
Facilities and Amenities
- Lounge with Fire Pit
- Children’s Play Area
- Outdoor Movie Space
- Terrace Garden
- Outdoor BBQ & Dining Spaces
- Outdoor Terraces
- Community Cafe
- Co-working Space
- WiFi access in common areas
Artwalk Condos Details
| Building Type: | Condo |
| Ownership: | Condominium |
| Size Ranges: | 508 – 892 SqFt |
| Units | 624 Units |
| Construction Status: | Preconstruction |
| Stories: | 38 Stories |
| Estimated Completion: | Jan 2026 |
| Builder(s): | SmartLiving |
| Architect(s): | Hariri Pontarini Architects |
| Interior Designer(s): | Hariri Pontarini Architects |
iv) Dufferin Vistas Phase 2
Dufferin Vistas Phase 2 is a new preconstruction townhouse development by UNIQ Communities at Dufferin Street & Rutherford Road.
Facilities and Amenities
- Freehold townhomes
- Private court
- Access to natural greenspace
- Proximity to essential amenities
Dufferin Vistas Phase 2 Details
| Building Type: | Townhouse |
| Ownership: | Fee simple |
| Selling Status: | Registration |
| Sales Start: | To Be Determined |
| Construction Status: | Preconstruction |
| Construction Start Date: | To Be Determined |
| Estimated Completion: | To Be Determined |
| Builder(s): | UNIQ Communities |
| Marketing Company: | Impact North Beyond Marketing |
| Sales Company: | Spectrum Realty Services Inc |
v) Kensington District Towns
Kensington District Towns is a preconstruction townhome project under development at 102 Farooq Blvd, Vaughan, Ontario by Lynbury Homes. This development is currently accepting offers for its 20 units ranging between 2,456 and 2,456 square feet per suite in the 3-storey freehold townhomes.
Facilities and Amenities
- Spacious interiors
- Private backyard
- Private balcony
- Close proximity to essential facilities
- Ease of access
Kensington District Towns Details
| Building Type | Townhome |
| Address | 102 Farooq Blvd, Vaughan, ON |
| Ownership type | Freehold |
| Developer | Lynbury Homes |
| Architect | To be determined |
| Development Status | Preconstruction |
| Sales Status | Now Selling |
| Suite Sizes | 2,456 – 2,456 sq ft |
| Occupancy | 2022 |
| Storeys | 3 |
| Units | 20 |
vi) El Dorado Estates
El Dorado Estates is a new preconstruction single-family detached home development by Essence Homes located at Fogal Road & Highway 50.
Facilities and Amenities
- Modern architecture and interior design
- Prime location
- Close to essential amenities
- Easy commute
El Dorado Estates Details
| Building Type: | Single Family Home |
| Ownership: | Fee simple |
| Selling Status: | Registration |
| Sales Start: | To Be Determined |
| Construction Status: | Preconstruction |
| Construction Start Date: | To Be Determined |
| Estimated Completion: | To Be Determined |
| Builder(s): | Essence Homes |
vii) Balmoral Estates
Balmoral Estates is a new preconstruction single-family home development by UNIQ Communities located at Teston Road and having 60 units.
Facilities and Amenities
- Luxury single homes
- Prestigious location
- Expansive natural greenspace
- Timeless architectural designs
- Spacious four-bedroom units
- Double car garages
Balmoral Estates Details
| Building Type: | Single Family Home |
| Ownership: | Fee simple |
| Units: | 60 |
| Selling Status: | Registration |
| Construction Start Date: | To Be Determined |
| Estimated Completion: | To Be Determined |
| Builder(s): | UNIQ Communities |
| Sales Start: | To Be Determined |
| Construction Status: | Preconstruction |
| Marketing Company: | Impact North Beyond Marketing |
viii) D’or Condos
D’or Condos is a new preconstruction condo jointly developed by Cityzen Development Group and Fernbrook Homes. This new construction home is located at Bathurst Street and has a total of 424 units of between 1 and 3 bedrooms each.
Facilities and Amenities
- Indoor pool
- Private dining room
- Outdoor garden
- Party room
- 24-hour concierge
- Fitness centre
- Yoga studio
- Steam room
D’or Condos Details
| Building Type: | Condo |
| Ownership: | Condominium |
| Selling Status: | Selling |
| Sales Started: | To Be Determined |
| Construction Status: | Construction underway |
| Units: | 424 Units |
| Estimated Completion: | Dec 2022 |
| Builder(s): | Cityzen Development Group and Fernbrook Homes |
| Stories: | 20 |
| Sales Company: | Market Real Estate Group |
Conclusion
The city of Vaughan is one of the most family-friendly locales in the Greater Toronto Area. It boasts of multiple employment opportunities, promises a rich lifestyle with easy access to essential amenities, and lies just 30 minutes away from Toronto.
This has made Vaughan attractive to thousands of people, resulting in its population growing immensely over the past decade. The growth of infrastructure has helped attract even more people, while a bustling market for residential properties means that more people are open to owning their homes.
Further, Vaughan’s median household income of $100,000 and easier access to mortgages have contributed to the boon in its housing market, while the many preconstruction projects allow for spread-out payments that most families can afford. However, certain neighborhoods of the city remain available to only the most affluent of families, with housing properties very restricting.