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
Monthly Absorption Rate ie: Total Sales / Total Listings)
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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
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.
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