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%
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• MAR 2017: The absorption rate hit a freaky 152% in Toronto vs Vancouver at 47%

In March 2021 as FOMO 2.0 wilding continued unfolding, the single family detached price gap came in at 40% more to live in a Vancouver detached house; to catch up, a Toronto detached seller needs to get on average another $555,340. Strata prices are also still more expensive in Vancouver at 20% more for townhouses and 6% 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​
• MAR 2021, the SFD peak price is 40% more in Vancouver vs the peak price in Toronto

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In March 2021
HIGHER PRICES
40% more for a SFD in VAN
20% more for a Town House in VAN
6% more for a Condo in VAN

1.2 more Listings in TOR than VAN
2.7 x more Sales in TOR than VAN
Monthly Absorption Rate TOR:VAN = 2.4

Ratio of SFD to Strata
1 VAN SFD = 1.9 VAN Town Houses
1 TOR SFD = 1.8 TOR Town Houses
1 VAN SFD = 2.7 VAN Condos
1 TOR SFD = 2.1 TOR Condos

10 Year SFD Inflation Rate:
​VAN = 126% and TOR = 145%

VAN 1 bdrm rent down 13.6% Y/Y
TOR 1 bdrm rent down 21.5% Y/Y
VAN 2 bdrm rent down 12.0% Y/Y
TOR 2 bdrm rent down 18.1% Y/Y

DEC 2020 Average Employment Earnings 
BC = $58,031 /yr up 41% since MAR 2009 Crash
ON = $61,305 /yr up 43% 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 = 3.6 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.​