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.
In April 2017 Toronto hit some sort of wall and only posted peak prices in the condo sector while townhouses and single family detached prices went mute.
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Absorption rates based on total listing inventory and total sales came off their hysterical run and dropped down to 90% after the manic Fear Of Missing Out drove them to 154% in March 2017.
MONTHLY ABSORPTION RATE
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Appraisers, realtors and house inspectors no longer have a cost benefit; the income approach and replacement cost of valuation is irrelevant. One only has to attach any price to any property in any condition. The psychic fever persists in the GTA despite the well publicized warning that in the crazy twin city of Vancouver, sales are slack and detached prices are stalled since their peak in July 2016.
The 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 1.3 townhouses. Torontonians will settle for 1.7 townhouses and Vancouverites demand 2.2. |
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: 118% in Vancouver 23% in Calgary 155% in Toronto WHILE Employment Earnings are up: 25% in BC 32% in AB 29% in ON |
