Vaughan Real Estate Market Update – January 2023

The Vaughan real estate market kicked off January 2023 with a cautious tone. After a year of interest rate hikes and declining affordability, many buyers and sellers chose to wait and watch, resulting in a quiet start to the new year.

That said, signs of price stability and longer days on market indicate the market is continuing to rebalance—creating opportunities for motivated buyers and strategic sellers.

📊 January 2023 Market Snapshot

• Average Sale Price: $1,318,000

• Month-over-Month Change: ⬇️ 1.2%

• Homes Sold: 179

• New Listings: ~510

• Average Days on Market: 32

• Sale-to-List Price Ratio: ~95.7%

• Months of Inventory: ~3.4

❄️ Typical seasonal slowdown combined with buyer hesitation made January one of the quietest months since 2020.

📉 Prices Continue Gradual Correction

January’s average price dipped slightly—continuing a trend that began in mid-2022. While values are still well above pre-pandemic levels, this marks a sustained correction from the overheated peaks of early 2022.

The most noticeable declines were in:

• Luxury detached homes above $2M

• Older inventory with minimal upgrades

• Homes in less transit-accessible areas

💡 Motivated sellers are adjusting list prices and becoming more flexible in negotiations.

🏘️ Inventory Remains Low—but Growing

While listings remained relatively scarce, inventory increased slightly compared to December 2022. Buyers had more time to evaluate homes, and bidding wars were rare.

Most active property types:

• Townhomes under $1.2M

• Condos near VMC (Vaughan Metropolitan Centre)

• Freehold homes with income potential

Sellers willing to price realistically still attracted showings, especially with limited competition in January.

🏙️ Neighborhood Highlights: Thornhill Woods & VMC

• Thornhill Woods remained strong due to family-friendly layouts, good schools, and park access.

• VMC (Vaughan Metropolitan Centre) condos continued to generate investor and first-time buyer interest thanks to TTC subway access and future development plans.

These neighborhoods are expected to lead any early recovery as market confidence grows.

🔮 What to Expect in Early 2023

Looking into February and March:

• More listings are expected as the spring season nears

• Buyers will remain selective, but those with pre-approvals may act quickly

• Rates will continue to influence decisions, especially for upsizers

• Entry-level price points and turnkey homes will outperform dated inventory

📈 This period may represent a window of opportunity for buyers before the spring market heats up.

💬 Final Thoughts

The Vaughan real estate market in January 2023 was subdued—but not stalled. Buyers took their time. Sellers had to adjust. And the market continued its shift toward balance.

📞 Wondering what your home is worth in today’s market? Or when’s the right time to buy?
Let’s talk—timing your move right can make all the difference.