October Statistics

There is a 49.1% drop in sales this October 2022 compared to last year, October 2021. There was a change in other economic factors namely unemployment rate and employment growth, which both inclined compared to last year’s statistics. Average sales price of homes has decreased by 5.7% compared to last year and the number of new listings decreased by 11.6% compared to last year, October 2021.  Home owners are generally concerned and wondering whether or not they should sell their property,  or hold off until home values appreciate and interest rates go down. Reviewing the current market statistics, it can be seen how the statistics can bring pressure and panic to property owners or property investors, thus questioning whether or not it is the right time to buy or wait?

In the past months, Kirby Chan & Co. has consistently sold properties despite the current market status indicating that there are still buyers out there looking to purchase a property. In the Bayview Fairway neighbourhood, 31 Castle Harbour Lane recently sold for $1,601,800. This detached house has 4 bedrooms and 1.5 bathrooms. It has a spacious kitchen and large breakfast room. Another property in this neighbourhood that sold recently is 4 Cypress Point Crt. It is a detached house that has 4 bedrooms and 3 bathrooms which sold for $1,490,500. The home features engineered hardwood in the living, dining and family room along with a finished basement. 

In the Willowbrook neighbourhood, 16 Henricks Rd recently sold for $1,255,000. This detached house is situated on a quiet street in Willowbrook. The home has 3 bedrooms and 3 bathrooms with a 2-car garage and a balcony. The house also features a finished basement that has a large recreation room that can also be used as a bedroom. 

Market Statistics Neighbourhoods in Markham

Aileen Willowbrook, Bayview Fairways, German Mills and Thornlea had a combined total of 11 houses sold this October 2022 whereas these neighbourhoods had a combined total of 22 houses sold last year, October 2021.

In October 2022, Aileen-Willowbrook had a total of 3 houses sold which is 62.5% less than last year, October 2021, which had 8 sales. In October 2022, Bayview Fairways had a total of 2 houses sold which is 33.3% less than last year, October 2021, which had 3 sales. In October 2022, German Mills had a total of 2 houses sold which is the same number of sales as last year, October 2021. In October 2022, Thornlea had a total of 4 houses sold  which is 38.5% less than last year, October 2021, which had 9 sales.

The average sales price of homes in Aileen Willowbrook, Bayview Fairways, German Mills and Thornlea last October 2021 was $2,073,952 while the average sales price in the four neighbourhoods this October 2022 is $1,603,287.

The number of new listings in Aileen Willowbrook last October 2021 was 12 while the number of houses listed this October 2022 was 6. The number of houses listed in Bayview Fairways last October 2021 was 6 while the number of houses listed this October 2022 was 2. The number of houses listed in German Mills last October 2021 was 5 while the number of houses listed this October 2022 was 2. The number of houses listed in Thornlea last October 2021 was 10 while the number of houses listed this October 2022 was 6. 

There were a total of 16 new listings in Aileen Willowbrook, Bayview Fairways, German Mills and Thornlea combined this October 2022. This is 51.5% less than the number of new listings in these 4 neighbourhoods last year in October 2021. 

Other than Aileen Willowbrook the average days on the market dropped this October 2022 in Bayview Fairways, German Mills and Thornlea. In Aileen Willowbrook, it took an average of 24 days to sell, which is an increase of 50% compared to last year, October 2021.