COMPARE VANCOUVER & TORONTO at Brian Ripley's Canadian Housing Price Charts and Plunge-O-Meter

COMPARE VANCOUVER & TORONTO HOUSING of Single Family Detached, Town House and Condo Prices and Total Residential Listings and Sales and their Absorption Rates

SEE ALSO the charts comparing 20 year changes in BC and Ontario Employment Rates and the relative values of VANCOUVER and TORONTO STRATA units as a percentage of single family dwellings

CLICK CHART TO ENLARGE

Monthly Absorption Rate ie: Total Sales / Total Listings)

MAR 2021: The absorption rate spiked to 148% in Toronto vs Vancouver at 62%
FEB 2020: The absorption rate spiked to 82% in Toronto vs Vancouver at 23%
MAR 2017: The absorption rate hit a freaky 152% in Toronto vs Vancouver at 47%

In June 2021 as FOMO 2.0 wilding continued unfolding, the single family detached price gap came in at 41% more to live in a Vancouver detached house; to catch up, a Toronto detached seller needs to get on average another $571,772. Strata prices are also still more expensive in Vancouver at 19% more for townhouses and 3% more for condos. Strata price differences are shrinking between the two metros.

Here is a progression of detached price increases:

JAN 2013, the SFD price was 88% more in Vancouver vs Toronto
MAY 2017, the SFD peak price was 51% more in Vancouver vs Toronto
FEB 2019, the SFD price was 47% more in Vancouver vs Toronto
JUN 2021, the SFD price is 41% more in Vancouver vs Toronto

In June 2021
HIGHER PRICES
41% more for a SFD in VAN
19% more for a Townhouse in VAN
3% more for a Condo in VAN

1.0 more Inventory in TOR than VAN
3.0 x more Sales in TOR than VAN
Monthly Absorption Rate TOR:VAN = 2.8

Ratio of SFD to Strata
1 VAN SFD = 1.9 VAN Townhouses
1 TOR SFD = 1.6 TOR Townhouses
1 VAN SFD = 2.8 VAN Condos
1 TOR SFD = 2.1 TOR Condos

10 Year SFD Inflation Rate:
VAN = 120% and TOR = 136%

VAN 1 bdrm rent down 7.1% Y/Y
TOR 1 bdrm rent down 17.4% Y/Y
VAN 2 bdrm rent down 9.0% Y/Y
TOR 2 bdrm rent down 17.1% Y/Y

APR 2021 Average Employment Earnings
BC = $57,762 /yr up 41% since MAR 2009 Crash
ON = $60,878 /yr up 42% since MAR 2009 Crash

2016 Census Household Median Earnings
VAN = $88,000/yr and TOR = $88,170/yr

2016 Census VAN = 2.46 mil or 1004 /Km2
2016 Census TOR = 5.93 mil or 855 /Km2
2020 Census Estimate VAN = 2.74 mil up 11.4%
2020 Census Estimate TOR = 6.56 mil up 10.6%

Earners needed to buy an average SFD:
VAN = 3.9 and TOR = 2.7 earners (SEE NOTE BELOW)

Annual Precipitation VAN:TOR = 2:1

NOTE: Based on 2016 StatCan Census Median Household Income with 20% down on a 5yr term, 25yr amortization with a maximum Total Debt Service Ratio of 35% including the equivalent of 10% of the mortgage payment applied to residential tax and insurance. The Provincial Land Transfer Tax requires an additional payment.