Maple Landing Neighbourhood
Call me a little biased but Maple Landing is the sweet spot in Vaughan, Ontario. With an ideal location, close to amenities, entertainment, family necessities and a variety of property types, there’s a lot of activity here.
2017 was big for Sylwood Crescent specifically. Over the course of the year, I’ve listed and sold three properties on this one stretch of road alone. I’m not surprised; Sylwood is close to the major highways, schools, shopping areas and Canada’s Wonderland.
It’s also proven to be a perfect example of the real estate market through 2017. Let’s compare the three listings:
Listed: January 31, 2017
List Price: $849,000
Sold Date: February 6, 2017
Sold Price: $1,085,000
Percentage Over Asking: 127%
Offers: 15 offers (on scheduled day)
Property Details: 3 bedrooms, unfinished basement to add your own flair and 9 foot ceilings on the main floor.
Listing Process: This one had a whopping 95 showings, not including the open house. We listed this when Toronto was going through its massive boom earlier this year.
Listed: June 5, 2017
List Price: $998,000
Sold Date: June 7, 2017
Sold Price: $1,050,000
Percentage Over Asking: 105%
Property Details: 81 Sylwood was the biggest property of the three I listed this year and had some of the best finishings (including a sauna and modern kitchen).
Listing Process: 81 Sylwood was listed while the market was still hot, but on the verge of cooling down. Regardless, this property only spent 2 days on the market before selling over asking.
Listed: June 26, 2017
List Price: $850,000
Sold Date: July 14, 2017
Sold Price: $885,000
Percentage Over Asking: 104%
Property Details: 3 bedrooms, 3 bath open concept layout with an unfinished basement. The smallest of the three properties but with a beautiful backyard.
Listing Process: The listing process for this one had a few more obstacles than the others, because it went on the market after the news of new housing rules in Ontario were announced. The ‘wait and see’ mentality cooled things down in Toronto and surrounding cities. On top of that we listed at the end of June, going into a long weekend and when kids were getting out of school.
As a positive sign, the home received 6 offers and went for over asking after only two weeks on the market.
So, what can we conclude?
The first property was sold during the massive housing craze, while the second caught the tail end of it. The third came in the wake of new housing rules that cooled the market.
Every single property sold for over asking and sat on the market no longer than two and a half weeks. That’s a comforting sign, considering the generally cautious reception the new housing rules have earned.
While at first glance, it may look like people have lost the opportunity in the market, but we can’t compare the current standards to how it was in the first quarter. Early 2017, was for lack of a better term, crazy. Prices were building at an intense rate and it couldn’t be maintained. What we have now, while less exciting, is a far more reasonable pace, where sellers are still seeing good results.
With these different sales, also consider: the first house had some of the most work put into it before listing. This included cleaning, staging, decluttering and a full paint job throughout, whereas the others had basic staging and cleaning. That kind of work does benefit asking price and reception.
The third property also didn’t have the advantage of brand new, modern updates and renovations. The second property, especially, boasted luxury elements and modern décor, which significantly impacts price. This is another area that accounts for its lower sale price.
All in all, my work on Sylwood Crescent told the story of what we’ve seen so far in this year’s market. The first quarter was a no holds bar marathon, whereas early June started showing the tail end of that whirlwind. My last Sylwood property, listed in late June to early July, shows what we can expect as the new housing market norm.
Not crazy, but not bad either! Personally, I’m looking forward to seeing what 2018 brings in the real estate market.