• There was a decrease in total unit sales from 354 in 2013 vs 477 in March 2012, representing a whopping 26% drop.  When compared to the whole of the GTA which saw a 17% decrease year over year for March, Vaughan faired substantially behind.  One might be inclined to point to a number of reasons (ex. tightening mortgage regulations) but the amount of inventory is not one of them.  In absolute terms for example, Vaughan had 951 active listings in the month for 2013 compared to 727 in 2012.

• There was an average price increase from February 2013 of 610,521 to 647,848 in March.  This significant monthly increase was driven predominantly by the average price increase in detached and townhouse properties.

•  Drilling down further we note that March 2013 saw more than double the number of homes selling over the $1M , when compared to February thus driving up the average.  Once again, an example of the danger of simply relying on “average data”.  We see no impact thus far on new mortgage insurance rules impacting the sale of $1M+ homes.  Q1 2013 saw 56 such sales compared to 53 in Q1 2012.

• We see the avg months of supply on hand for Condo apartments to be the most alarming statistic.  Currently there is just over a 5 month’s supply on hand.  Given the number of actively marketed condo’s and development applications in the pipeline,  the absorption levels will be something we’ll keep a watchful eye on.

Conclusion:

The local Vaughan market continues to offer more options which is welcomed news for buyers, particularly those who have been turned off by unsuccessful past bidding wars.  Accordingly, sellers are well advised to take the extra steps to properly evaluate your home, prepare your home and execute a thorough marketing plan.

For a more detailed graphical overview of monthly charts and trends in Vaughan real estate (by housing type), please click here.

If you have any specific questions or comments, please feel free to contact me.

Until next month…

When we drill down by housing type and broad region (i.e. 416 vs 905), you’ll note that the largest price movement was in the 416 Townhouse and Semi-Detached houses, most likely a result of both limited inventory for that specific product compared to high rise stock.

The average selling price in March was $519,879 – up by 3.8 per cent compared to March 2012. The average price in Q1 2013 was $508,066 – up by 3.2 per cent compared to the first quarter of 2012. “The average selling price and the MLS® Home Price Index Composite Benchmark was up on a yearover-year basis across most home types, especially in the low-rise market segments where supply remains an issue. TREB’s average price forecast for 2013 remains at $515,000, representing a 3.5 per cent annual rate of growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

We still await Vaughan centric real estate results and will provide further commentary once available.

In the meantime, let’s take a look at a comparative snapshot of the March results across property type and broad region (905 and 416) for both 2013 and 2012:

Here’s the official commentary from the Toronto Real Estate Board: (We’ll be interested in noting next month’s commentary and whether the “Good Friday holiday impact” is acknowledged on the flip side results of April)

While the year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012, it is also important to note that the Good Friday holiday was in March this year versus April in 2012. Generally speaking, there are fewer sales reported on statutory holidays and weekends. In the first quarter of 2013, sales amounted to 17,678 – down by 14 per cent compared to Q1 2012. “Home ownership remains affordable for a household earning the average income in the Greater Toronto Area. There are many willing buyers in the marketplace today. While some households have put their decision to purchase on hold as a result of stricter lending guidelines or the additional Land Transfer Tax in the City of Toronto, other households simply haven’t been able to find the right house due to a shortage of listings in some market segments,” said Toronto Real Estate Board President Ann Hannah.

In addition to wide variety of traditional retail outlets, Vaughan Mills also offers world-class entertainment and shopping experiences such as Hollywood’s Lucky Strike Lanes, Pro Hockey Life, Bass Pro Shops Outdoor World.

Vaughan Mills will soon be nearly 14,000 square metres larger.

Ivanhoe Cambridge, which owns the Vaughan shopping centre recently announced plans for an $87-million expansion, with construction scheduled to start this spring.

The mall offers a number of luxury shopping outlets including such familiar brands as:

Holt Renfrew Last Call, A|X Armani Exchange Outlet, Hugo Boss Factory Store, Banana Republic Factory Store, Michael Kors Outlet, Joe Fresh, BCBG Max Azria Outlet, Tommy Hilfiger Outlet, Calvin Klein Outlet, Lacoste Outlet…and so many more.

Map

View Larger Map

Greater Toronto Area (GTA) REALTORS® reported 5,759 sales through the TorontoMLS system in February 2013 – a decline of 15 per cent in comparison to February 2012.  By comparison to the whole, Vaughan reported  273 sales in February 2013 which represented a decline of 22 per cent.  It shouldn’t come as a surprise that the amount of active inventory in Vaughan shifted accordingly from approximately 1.6 months in 2012 to 3 months in 2013.

The average selling price for February 2013 was $510,580 – up two per cent in comparison to February 2012.  Again by comparison, Vaughan average selling price essentially remained flat.  If we drill down to housing type in Vaughan for example, the item that stands out for me is the semi-detached average home prices in Vaughan which actually saw a increase of about 7.4%.   I would temper some of the increase as a result of the geographic distribution of sales, but the overall trend still holds true.  Median prices follow suit so we can more safely rule out outlier data points.

I continue to maintain that the semi-detached and townhouse products remain the most sought after product in Vaughan. Given the balance of affordability, price/square foot and longer term utility, it remains the preferred alternative to fully detached, which is fast becoming an unattainable proposition for many.

“The share of sales and dollar volume accounted for by luxury detached homes in the City of Toronto was lower this February compared to last. This contributed to a more modest pace of overall average price growth for the GTA as a whole,” said Toronto Real Estate Board (TREB) President Ann Hannah.

“Stricter mortgage lending guidelines that precluded government backed mortgages on homes sold for over one million dollars and the City of Toronto’s additional upfront land transfer tax arguably played a role in the slower pace of luxury detached home sales,” added Ms. Hannah.

The MLS® HPI Composite Benchmark price covering all major home types eliminates fluctuations in price growth due to changes in sales mix. The Composite Benchmark price was up by more than three per cent on a year-over-year basis in February.

“We will undoubtedly experience some volatility in price growth for some market segments in 2013. However, months of inventory in the low-rise market segment will remain low, resulting in average price growth above three per cent for the TREB market area this year. Our current average price forecast is $515,000 for all home types combined in 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

The MLS Home Price Index was developed and maintained by the Canadian Real Estate Association (“CREA”), based on a model developed by the Altus Group.  It was created to provide an alternative to existing average/median based pricing data, often criticized as being much too simplistic and potentially misleading in providing informative resale housing market updates.

The Teranet-National Bank House Price Index™ was developed and is maintained on a collaborative effort by Teranet (the exclusive provider of online property registration in Ontario) and the National Bank of Canada.  The site was created to offer an independent and alternative representation of home price trends, again in response to simplistic median and average based pricing models.  It was also created to form a benchmark index used to sell linked financial products to investors.

The MHPI measure is calculated using a sophisticated statistical model that is a hybrid of both the “repeat sales” and “hedonic price” (which breaks down prices into components) approaches.  More specifically, the MHPI tracks price levels at a point in time relative to price levels in a base period for one- and two-storey single family homes, townhouse/row units, and apartment units.  A composite MLS® HPI is also calculated for the collection of these housing categories in each of the five housing markets tracked by the index.

CREA’s  claim is that it is “the best and purest way of determining house price trends in the housing market.”
TNHPI is strictly based on the “repeat sales methodology,” which its creators cite as the most reliable and robust approach for tracking the housing market.  To be included in the calculation, properties must have been sold at least twice. The two prices are used to measure the increase or decrease in property value in the period between the two transactions.

The MHPI differs from the TNHPI in several ways.

The MHPI is able to access raw MLS databases from participating real estate boards that provides for a distinct advantage.  By utilizing a more comprehensive dataset from which to draw data analysis, both qualitative and quantitative housing features are considered.  The TNHPI instead relies on data as provided through property records of public land registries, which are not nearly as robust.  Accordingly, MHPI is able to provide segregated index reporting by property type for example (i.e. 1 storey, 2 storey, townhouse, apartment)

The TNHPI does not specifically take into account renovations or improvements that may have been made to the property between the two sales but instead relies on “scrubbing” such data sets based on statistics.  Furthermore, the TNHPI is reported on a one month time lag from actual results.   The MHPI data is available soon after each month end.

Unlike the MHPI which is produced by the Canadian Real Estate Association, the TNHPI is considered to be a more independent analysis and free from conflict (whether actual or in appearance)

Although I believe the MHPI index to be a more effective and informative Canadian housing price index, it is always prudent to consider multiple sources in any analysis rather than exclusively relying on broad based consolidated MLS data.

Implicit in the real estate adage location, location, location is the need to consider the same when it comes to data and real estate analysis.

Unfortunately, finding local data like this isn’t readily available.  Because it is a narrow subset of the greater market, it is also information that is not often covered by media, local or otherwise.  Luckily through the proliferation of technology, people like me are given an opportunity to provide a hyperlocal view and appreciation of the market.

That said, I thought it would be useful to share a drill down of selected Vaughan real estate data based on the Toronto Real Estate Board’s (TREB) new community based districts which include:  Crestwood-Springfarm, East Woodbridge, Brownridge, Uplands, Kleinburg, Beverly Glen, Lakeview Estates, Elder Mills, Glen Shields, Sonoma Heights, Patterson, Maple, Vellore Village, Vaughan Grove, Islington Woods, West Woodbridge, Rural Vaughan and Concord.

For reference, TREB has classified Vaughan communities based on the following map layers (click for a larger image):

You can also browse a dynamic map by clicking on the TREB Real Estate Community Map

Taking a view below, I’ve compiled average price data and unit sales comparisons for each of the Vaughan communities based on Q4/11 and Q3/12.

(Note: Avg price for Concord not available as no statistics are reported by TREB when transactions number 2 or less)

As always, questions and comments are welcomed.

In my daughter’s school for example, there are currently 3 French Immersion classes in grade 1 compared to 1 English-track only.  Accordingly to school administration at the school, I’m told there has yet to be one single student who has withdrawn from the program to date.  That would seem to speak to parents’ satisfaction.

Further information from the Ministry of Education on French immersion can be found here.

Registration for Grade 1 French immersion typically occurs in the early part of the calendar year.  Parent information sessions are currently scheduled and set to occur in the near future.  FYI, I have noted all Vaughan French Immersion schools below along with corresponding contact data and parent night sessions where made available.

Should you have any questions further questions, please contact the York Region Catholic District School Board or the York Region Public District School Board.

York Region Catholic District School Board – French Immersion elementary schools in Vaughan

Immaculate Conception CES, Woodbridge

• 500 Aberdeen Ave., Woodbridge L4L 5J4, (905) 851-9528
• Brochure
• Flyer
• Program Boundary Map

Our Lady of Peace, Maple

• 301 Barrhill Rd., Maple L6A 1J5, (905) 832-7080
• Brochure
• Flyer
• Program Boundary Map

St. Anthony CES, Thornhill

• 141 Kirk Drive., Thornhill, Ontario L3T 3L3, (905) 889-7420
• Brochure
• Flyer
• Program Boundary Map

York Region Public District School Board – French Immersion elementary schools in Vaughan

Louis-Honore Frechette Public School

• 40 New Westminster Dr., Thornhill, L4J 7Z8, (905) 738-1724
• School website

Julliard Public School

• 61 Julliard Drive, Maple, L6A 3W7, (905) 832-3311
• School website

Woodland Public School

• 120 Royal Orchard Boulevard, Thornhill, L3T 3C9, (905) 889-4910
• School website

Ventura Park Public School

• 121 Worth Blvd., Thornhill, L4J 7V5, (905) 707-6488
• School website

Elder’s Mills Public School

• 120 Napa Valley Ave, Woodbridge, L4H 1L2, (905) 893-1631
• School website

In commemoration of the great courage demonstrated by the twenty-six men from the Woodbridge area killed in the First World War.  The Village of Woodbridge Council on June 9, 1924, passed a by-law granting the sum of $1,500.00 for the purpose of erecting a memorial in their honour.

Construction of the Woodbridge War Memorial Tower began in 1924 and was completed that same year with the assistance of volunteer members of the community: John Johnston of Woodbridge donated the fieldstone for the tower’s construction; Fred Baret, a stone mason from Humbervale, near Weaton (south of Woodbridge), built the tower.

The tower measures 11′ x 60′ on a 14′ x 34′ base. It is constructed of native field stone with a glass dome. At the apex of the tower, there is a domed beacon light decorated with crenellated stonework and small window openings encircling its base. The beacon light once illuminated the surrounding area at night and could be seen from Highway No. 7. The Memorial was built with love and volunteer labour, a real community effort.

The site is designed in four stepped levels; the highest level is occupied by the tower. Each level is supported by a retaining wall of cut stone. The cut stone found at the highest level was salvaged from what was known as the old Humber Bridge, demolished with the widening of Highway No.7 in 1924.

Three field guns are located at the site. Two guns flank the tower on its north and south sides and the third gun sits on the second stepped-level (from the bottom), next to a flag pole. The two top field guns have the inscription “Fried.Krupp” indicating they were assembled by Krupp of Germany, one of the largest German armament manufacturers of the 19th and 20th centuries. The guns were originally located on the Toronto waterfront (property of the Department of Defence) and brought to Woodbridge by Canadian Pacific Railway flatcar.

An inscription on the fieldstone at the base of the tower (on its west side) indicates the tower was unveiled by His Honour Colonel Harry Cockshutt, Lieutenant-Governor of the Province of Ontario, on November 16, 1924.

A bronze plaque at the base of the tower commemorates those fallen in World War I and reads as follows:

“In Honor of the Men of this Community Who Laid Down their Lives for King and Country in the Great War 1914-1918.”

The following passage is carved into the stone:

“This tower is erected in grateful memory of the men who gave their lives in the Great War, and also of those who, daring to die, were spared to return to the native land.  We shall remember with pride, Ypres, Festubert, Lens, Sanctuary Wood, The Somme, Vimy Ridge, Passchendaele, Amiens, Arras, Cambria-Drocourt, Queant Line, Bourlon Wood, Valenciennes, and Mons.”

The War Memorial

By 1921, the many communities in Ontario were getting back to normal after five years of sacrifice and uncertainty. Fathers, mothers, sons and daughters were rejoined; some hale and hearty, some sorely crippled, and many who would never fully recover. Many had made the supreme sacrifice.

It was the absence of these many young men that motivated the Council of Woodbridge to call a meeting of the people to survey the ways and means of constructing a lasting memorial to do honour to them. They made the supreme sacrifice to save our country from a dictatorship, and to preserve our democratic way of life.

This meeting was called on the 15th of June 1921, to meet in the Orange Hall. At this meeting, a steering committee was appointed consisting of Reeve C.L. Wallace as Chairman, J.J. Rolph as Secretary, and Arthur McNeil as Treasurer. Soldier representatives were Alex MacKenzie and William Smithers. The committee also included Thomas Cole, Arthur McNeil, J. Devins, W.O. Duncan, Miss L. McNeil, Mrs. William Fleming, Mrs. Henry Smith and Miss Mary Burton.

Like all community efforts, finance was paramount. The committee held a tag day to publish the objective, and were successful in raising $197.00. Encouraged by the success of the tag day, they were able to secure the services of Major Gibson of the Queen’s Own Rifles to design a “watch tower.” He designed a tower 11 feet by 60 feet, on a 14-foot by 32-foot base, to be constructed of native field stone, with a glass dome.

The committee was pleased with Major Gibson’s efforts and proceeded to examine several locations. Finally, they decided on its present location. They negotiated for the site and were able to secure the land from Mr. Abel for the sum of $200.00. Tenders for erection were called on May 2nd, 1923, and Mr. Fred Baret’s tender was accepted at $1,790.00.

A building committee was formed, consisting of: C.L. Wallace, Mrs. William Fleming, Miss Mary Burton, Miss L. McNeil, Bert Cousins, Thomas Cole, William Mitchell, J. Devins, J. Rolph, William Smithers, Alex MacKenzie, Mrs. H.N. Smith, W.O. Duncan, Dr. G. McLean, R. Johnson, Mrs. A. Harris, James Ross, Alfred Thompson, John McLean, Andrew Frost and G.A. Mowatt.

With the tower designed and land acquired, the Committee had no problem when it became necessary to assemble the material. The farmers volunteered to haul the stone, donated by John Johnson, and the gravel and sand from Robert Huston’s pit. There were so many volunteers it is impossible to list them. It was a total community effort.

Mr. Baret, with the help of the district, had the “Watch Tower” completed, and the Building Committee was able to turn over the completed project to the executive for dedication. The executive was able to secure Lieut. Harry Cockshutt to officiate at the dedication on November 16th, 1924.

With the memorial dedicated, the committee’s next project was the landscaping. The Defense Department had some German guns available to communities, so the executive was able to secure a “German Whiz Bang.” The City of Toronto had a surplus of captured enemy weapons, and the executive was able to secure two 6′ Field Guns. These guns were made by “Krupp” in 1901 as Naval Guns and, when the British Navy bottled up the German Navy, the guns were removed from the ships and converted to field use. These guns were located on the waterfront and, although the Executive was able to convince the City of Toronto of their need for the guns, they were faced with the problem of transportation for these guns (three or four tons of steel) to the village, and their mounting on the top of the hill.

Now, the executive, who was in charge of this work, is made up of rugged individuals who did not recognize “can’t” as a word in the English language. They negotiated with the C.P.R. to transport these guns to Woodbridge and, with the assistance of Mr. Snider (a local house mover) and a number of local people, enough plank sand timbers were brought to the site to build a ramp for landing the guns. The railroad then hauled the guns to the village on two flat cars and left them on the siding.

The guns were now in the village, and the next move was to transfer them to the Memorial site. The farmers were busy seeding and were reluctant to spare the time. After about two weeks on the siding, the C.P.R. was getting impatient at the delay, and were pushing the executive to release their cars. Again, the executive called on the services of Mr. Snider to erect a ramp at the tracks. The railway company, with patience and co-operation, sent an engine to the village and, when the tracks were clear, moved the first car to the ramp and, with the aid of Mr. Snider’s winch, landed the gun on the ramp, thereby freeing the flat car. They still had to move the gun to the top of the cut to clear the ramp so the second gun could be unloaded. Three or four days later another engine arrived and, finally, the executive had their guns located and mounted. This added considerably to the appearance of the memorial.

Major MacKenzie, a lifelong conservationist, was able to secure 1,000 pine seedlings from the Department of Lands and Forests and, under his supervision, they were planted and flourished. The British Royal Family, to show their appreciation for the loyalty of the Canadian people, offered any community who desired them, Oak saplings from The Green Forest. Again, Major MacKenzie, with the approval of his executive, was successful in securing five of these Royal Oaks. They were carefully planted along the west boundary line and are now large trees.

The hill had a natural terrace, and the Committee constructed a Bowling Green that was extensively used for years, and provided recreation for a large number of the Villagers.

The Committee now felt that they had accomplished what they set out to do but, before disbanding, appointed a board of trustees to supervise the maintenance of the project. Those appointed were: Major Alex MacKenzie, Thomas Cole and Bert Cousins. Arthur Banks replaced Thomas Cole in 1945.

In 1945, a Benefit was held in the Orange Hall and it was so successful that, after all obligations were taken care of, the effort had a balance of $1,000.00. The committee who were in charge decided that this surplus should be invested in government bonds, and the proceeds to be used to help maintain Memorial Hill.

This report is a result of a meeting the writer had with Major Alex MacKenzie, at which time we received all the records he had in his possession, and with conversations with him from time to time over a period of 30 years.

No doubt there are many details I have not recorded. There may have been people not mentioned who were helpful in the building of this Memorial, but I am only recording from the data and conversations I received.

This project embraced landscaping, terracing, restoring of the Whiz Bang guns, etc., and, of course, a Centennial Plaque.

Money earned from the Bond has paid for the care taking of this Centennial.

Source: Herb. H. Sawdon, “The Woodbridge Story”

VAUGHAN REMEMBRANCE DAY PARADE & CEREMONY
ROYAL CANADIAN LEGION BRANCH 414
SUNDAY NOVEMBER 11, 2012
10:45 a.m. – 11:45 a.m.

All residents are welcome to attend the Remembrance Day ceremony hosted by the 414 Royal Canadian Legion to honour and remember those who died and for those who are fighting today for our country.

The ceremony will form in Market Lane on Woodbridge Avenue and begin its route at 10:45 a.m. The ceremony will follow at 11:00 a.m. in front of the Cenotaph located on Wallace Street (south of Woodbridge Avenue at the stop sign).

For more information contact:

Royal Canadian Legion Branch 414
60 Legion Court, Woodbridge
Tel: 905-851-0032
Email: rcl414@rcl414.ca
http://www.rcl414.ca/