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 10 year changes in Vancouver, BC, Toronto and ON 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 2017: The absorption rate hit a freaky 152% in Toronto vs Vancouver at 47%
• FEB 2020: The absorption rate spiked to 82% in Toronto vs Vancouver at 23%
• FEB 2021: The absorption rate spiked to 126% in Toronto vs Vancouver at 45%​​

In February 2021 as FOMO 2.0 wilding continued unfolding, the single family detached price gap came in at 36% more to live in a Vancouver detached house; to catch up, Toronto detached sellers need to get on average another $493,000. Strata prices are also still more expensive in Vancouver at 19% more for townhouses and 8% more for condos.

• JAN 2013, the SFD price was 88% more in Vancouver vs Toronto
• MAY 2017, the SFD peak price in Vancouver was 51% more than the MAR 2017 SFD high price in Toronto 
• FEB 2019, the SFD price was 47% more in Vancouver vs Toronto​
• FEB 2021, the SFD price is 36% more in Vancouver than the current SFD peak price in Toronto

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In February 2021

HIGHER PRICES
36% more for a SFD in VAN
19% more for a Town House in VAN
8% more for a Condo in VAN

1.0 more Listings in TOR than VAN
2.9 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 Town Houses
1 TOR SFD = 1.7 TOR Town Houses
1 VAN SFD = 2.6 VAN Condos
1 TOR SFD = 2.3 TOR Condos

10 Year SFD Inflation Rate:
​VAN = 120% and TOR = 137%

VAN 1 bdrm rent down 9.8% Y/Y
TOR 1 bdrm rent down 23.0% Y/Y
VAN 2 bdrm rent down 12.0% Y/Y
TOR 2 bdrm rent down 21.5% Y/Y

DEC 2020 Average Employment Earnings 
BC = $57,823 /yr up 41% since MAR 2009 Crash
ON = $59,472 /yr up 39% since MAR 2009 Crash

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

JAN 2021 Unemployment Rate
​Not Seasonally Adjusted (NSA)
BC = 7.4% and VAN = 7.6%
ON = 9.0% and TOR = 10.6%

JAN 2021 Employment Rate (NSA) Charts
BC = 59.7% and VAN = 61.8%
ON = 58.3% and TOR = 59.7%

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 = 3.6 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.​