TORONTO HOUSING Single Family Detached, Town House and Condo Average Prices with Total Residential Listings and Sales
NON RESIDENT DWELLING Count Below
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NOTE: Toronto Strata Unit Data changed from median to average at August 2011 and Toronto GTA - SFD average prices began March 2009. Prior SFD data points are actually combined residential + 24.5% which is the average percentage difference between combined residential and SFD over 24 months from March 2009 through February 2011.
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In October 2018 Toronto housing sales remained at the lower end of the usual seasonal activity. Inventory has expanded with listings out-numbering sales by 2.5 times. Rising inventory, withering sales; this market should be negotiated not auctioned. Lenders are looking at risk again. |
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Despite countervailing sales and inventory data, strata, especially condo prices remain near their recent price peaks. FOMO continuing at the low end of the market is pure joy for sellers.
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Absorption rates based on total listing inventory and total sales have come off their hysterical run and have plunged quickly from 154% in March 2017 to now 40% this month. |
ABSORPTION RATE RECORDS
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This comparison chart of Vancouver vs Toronto shows the scale of the perceived value differential between the two most manic and expensive Canadian cities.
Toronto Has Over 99,000 Unoccupied Homes.
Here’s Where They Are
The number of homes in the GTA that aren’t being occupied is growing almost as fast as the price of shelter. The latest numbers show that 99,236 homes are not regularly occupied, as identified by the owner of the residence. This represents 4.5% of all homes in the city, and a 10.5% change over the past 5 years. The general population grew by 4.5% during the same period, which means this trend appears to be accelerating. Full report of February 9, 2017 at Better Dwelling |
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Here is another attempt to visualize the distortions of the market where the fundamental requirement of a yield to attract sustainable investment in real estate has been replaced with the lure of capital gains.
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The chart shows the relative values of STRATA units as a percentage of average single family dwellings in the 3 hot markets of Vancouver, Calgary and Toronto. Calgarians are willing to trade 1 house for only 1.4 townhouses. Torontonians will settle for 1.6 townhouses and Vancouverites demand 1.8 |
The "improvement" that sits on the land is a wasting asset. If serviced land is so valuable, shouldn't the ratio be 1 house equals at least 3 townhouses? If the numbers don't make sense you can always rent. When MOI is low & MAR is high, developers and vendors have the edge.
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IN THE LAST 10 YEARS
AVERAGE SFD Prices are up: 119% in Vancouver 21% in Calgary 132% in Toronto WHILE Employment Earnings are up: 26% in British Columbia 29% in Alberta 24% in Ontario |
