{"id":10406,"date":"2017-03-03T16:41:19","date_gmt":"2017-03-03T21:41:19","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=10406"},"modified":"2017-03-03T16:55:19","modified_gmt":"2017-03-03T21:55:19","slug":"toronto-average-house-price-now-higher-than-vancouvers","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/toronto-average-house-price-now-higher-than-vancouvers\/","title":{"rendered":"Toronto Average House Price Now Higher Than Vancouver\u2019s"},"content":{"rendered":"<p>It is officially more expensive to purchase a house in Toronto than it is in Vancouver. According to the February sales numbers released by both the <a href=\"http:\/\/www.trebhome.com\/market_news\/release_market_updates\/news2017\/nr_market_watch_0217.htm\" target=\"_blank\">Toronto<\/a> and <a href=\"http:\/\/www.rebgv.org\/news-statistics\/low-supply-continues-limit-metro-vancouver-home-buyers\" target=\"_blank\">Vancouver<\/a> regional real estate boards, the average detached home price in the 416 has hit a new record of $1,573,622, compared to the $1,474,200 benchmark in Vancouver. It\u2019s a pricey milestone that reflects the diverging trends in Canada\u2019s biggest markets; while both cities struggle with available housing supply, Vancouver detached home sales have seen drastic dips, while Toronto\u2019s continue their upward trajectory.<\/p>\n<h2>Toronto Supply is Tighter Than Ever: TREB<\/h2>\n<p>Despite rising prices, <a href=\"http:\/\/www.zoocasa.com\/toronto-on-real-estate\">Toronto real estate<\/a> sales continued at a healthy clip, with 8,014 homes trading hands via TREB\u2019s MLS system in February &#8211; an annual 5.7% increase. TREB President Larry Cerqua says Torontonian buyers continue to view real estate as a worthy investment, with demand for both low- and high-rise home types supported by a mix of first-time and move-up buyers.<\/p>\n<p>\u201cThe high demand for ownership housing we\u2019re seeing is broad based, with strong sales growth for most low-rise home types and condominium apartments. This makes sense given the results of a recent consumer survey undertaken for TREB by Ipsos which found an even split between intending first-time buyers and existing homeowners who indicated that they were planning on purchasing a home in 2017.\u201d<\/p>\n<p>In fact, the survey finds first-time buyers make up more than half of potential purchasers in the Greater Toronto Area at 53%, up from 49%. The ratio of first-timers is even more concentrated in the City of Toronto, which Cerqua believes is due to bigger condo supply, which are a popular entry point into the market.<\/p>\n<p>He also took the opportunity in TREB\u2019s February report to reiterate Ipsos\u2019 findings that foreign buyers represent only 5% of the marketplace, with 80% of out-of-country buyers purchasing their principal residence, a home for a family member, or as an investment to rent out. It\u2019s proof government policy makers should shift their focus to improving home supply, rather than discourage demand, Cerqua adds.<\/p>\n<p>Listings in the GTA declined 12.5% to 9,834 units, with the average month of inventory lingering at one month or less in Toronto\u2019s most in-demand neighbourhoods. This is the clear cause behind the city\u2019s rapid real estate price appreciation stated Jason Mercer, TREB\u2019s director of market analysis. \u201cThe listing supply crunch we are experiencing in the GTA has undoubtedly led to the double-digit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments,\u201d he said. \u201cUntil we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue.\u201d<\/p>\n<p><strong>Toronto MLS Sales &amp; Average Price\u00a0By Home Type February 1 &#8211; 28, 2017<\/strong><\/p>\n<table style=\"border-collapse: collapse; width: 455pt;\" border=\"0\" width=\"609\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col style=\"width: 65pt;\" span=\"7\" width=\"87\" \/> <\/colgroup>\n<tbody>\n<tr style=\"height: 16.0pt;\">\n<td class=\"xl66\" style=\"height: 16.0pt; width: 65pt;\" width=\"87\" height=\"21\"><\/td>\n<td class=\"xl66\" style=\"width: 65pt;\" width=\"87\"><\/td>\n<td class=\"xl66\" style=\"width: 65pt;\" width=\"87\"><strong>Sales<\/strong><\/td>\n<td class=\"xl66\" style=\"width: 65pt;\" width=\"87\"><strong>\u00a0<\/strong><\/td>\n<td class=\"xl66\" style=\"width: 65pt;\" width=\"87\"><strong>\u00a0<\/strong><\/td>\n<td class=\"xl66\" style=\"width: 65pt;\" width=\"87\"><strong>Prices<\/strong><\/td>\n<td style=\"width: 65pt;\" width=\"87\"><\/td>\n<\/tr>\n<tr style=\"height: 16.0pt;\">\n<td style=\"height: 16.0pt;\" height=\"21\"><\/td>\n<td class=\"xl66\" align=\"right\"><strong>416<\/strong><\/td>\n<td class=\"xl66\" align=\"right\"><strong>905<\/strong><\/td>\n<td class=\"xl66\"><strong>Total<\/strong><\/td>\n<td class=\"xl66\" align=\"right\"><strong>416<\/strong><\/td>\n<td class=\"xl66\" align=\"right\"><strong>905<\/strong><\/td>\n<td class=\"xl66\"><strong>Total<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 16.0pt;\">\n<td style=\"height: 16.0pt;\" height=\"21\">Detached<\/td>\n<td align=\"right\">793<\/td>\n<td class=\"xl63\" align=\"right\">2,928<\/td>\n<td class=\"xl63\" align=\"right\">3,721<\/td>\n<td class=\"xl63\" align=\"right\">1,573,622<\/td>\n<td class=\"xl63\" align=\"right\">1,106,201<\/td>\n<td class=\"xl63\" align=\"right\">1,205,815<\/td>\n<\/tr>\n<tr style=\"height: 16.0pt;\">\n<td style=\"height: 16.0pt;\" height=\"21\">Y-o-Y Change (%)<\/td>\n<td class=\"xl64\" align=\"right\">-6.80%<\/td>\n<td class=\"xl64\" align=\"right\">6.00%<\/td>\n<td class=\"xl65\">3.0%%<\/td>\n<td class=\"xl64\" align=\"right\">29.80%<\/td>\n<td class=\"xl64\" align=\"right\">35.40%<\/td>\n<td class=\"xl64\" align=\"right\">32.50%<\/td>\n<\/tr>\n<tr style=\"height: 16.0pt;\">\n<td style=\"height: 16.0pt;\" height=\"21\">Semi-detached<\/td>\n<td align=\"right\">199<\/td>\n<td align=\"right\">452<\/td>\n<td align=\"right\">651<\/td>\n<td class=\"xl63\" align=\"right\">10,085,484<\/td>\n<td class=\"xl63\" align=\"right\">712,276<\/td>\n<td class=\"xl63\" align=\"right\">826,359<\/td>\n<\/tr>\n<tr style=\"height: 16.0pt;\">\n<td style=\"height: 16.0pt;\" height=\"21\">Y-o-Y Change (%)<\/td>\n<td class=\"xl64\" align=\"right\">-16.00%<\/td>\n<td class=\"xl64\" align=\"right\">-6.20%<\/td>\n<td class=\"xl64\" align=\"right\">-9.50%<\/td>\n<td class=\"xl64\" align=\"right\">27.60%<\/td>\n<td class=\"xl64\" align=\"right\">33.20%<\/td>\n<td class=\"xl64\" align=\"right\">29.40%<\/td>\n<\/tr>\n<tr style=\"height: 16.0pt;\">\n<td style=\"height: 16.0pt;\" height=\"21\">Townhouse<\/td>\n<td align=\"right\">257<\/td>\n<td align=\"right\">908<\/td>\n<td class=\"xl63\" align=\"right\">1,165<\/td>\n<td class=\"xl63\" align=\"right\">671,243<\/td>\n<td class=\"xl63\" align=\"right\">653,584<\/td>\n<td class=\"xl63\" align=\"right\">657,480<\/td>\n<\/tr>\n<tr style=\"height: 16.0pt;\">\n<td style=\"height: 16.0pt;\" height=\"21\">Y-o-Y Change (%)<\/td>\n<td class=\"xl64\" align=\"right\">2.40%<\/td>\n<td class=\"xl64\" align=\"right\">7.70%<\/td>\n<td class=\"xl64\" align=\"right\">-6.50%<\/td>\n<td class=\"xl64\" align=\"right\">15.70%<\/td>\n<td class=\"xl64\" align=\"right\">32.40%<\/td>\n<td class=\"xl64\" align=\"right\">28.00%<\/td>\n<\/tr>\n<tr style=\"height: 16.0pt;\">\n<td style=\"height: 16.0pt;\" height=\"21\">Condominium<\/td>\n<td align=\"right\">1632<\/td>\n<td align=\"right\">728<\/td>\n<td class=\"xl63\" align=\"right\">2,360<\/td>\n<td class=\"xl63\" align=\"right\">515,424<\/td>\n<td class=\"xl63\" align=\"right\">404,460<\/td>\n<td class=\"xl63\" align=\"right\">481,194<\/td>\n<\/tr>\n<tr style=\"height: 16.0pt;\">\n<td style=\"height: 16.0pt;\" height=\"21\">Y-o-Y Change (%)<\/td>\n<td class=\"xl65\" align=\"right\">14%<\/td>\n<td class=\"xl64\" align=\"right\">0.30%<\/td>\n<td class=\"xl64\" align=\"right\">15.90%<\/td>\n<td class=\"xl64\" align=\"right\">18.20%<\/td>\n<td class=\"xl64\" align=\"right\">23.60%<\/td>\n<td class=\"xl64\" align=\"right\">19.20%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Vancouver Sales Plunge Continues<\/h2>\n<p>It\u2019s getting slightly cheaper to buy a Vancouver-area home \u2013 but the west-coast city is still far from wallet friendly. The Metro Vancouver region\u2019s MLS Home Price Index Composite Benchmark has slid 1.2% year over year to $906,700, while overall sales fell 41.9%, to only 2,425 homes sold.<\/p>\n<p>Dan Morrison, President of the Real Estate Board of Greater Vancouver, blamed the slowdown on lack of available listings, along with inclement weather. However, the city remains firmly in sellers\u2019 market territory, with an active sales-to-listings ratio of 31.9% &#8211; a 10-point increase from the previous month. True downward pressure on prices occurs when the ratio dips below 12 points, while levels over 20 support rising home prices.<\/p>\n<p>\u201cWhile home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today\u2019s demand,\u201d Morrison said. \u201cThis is why we\u2019ve seen little downward pressure on home prices, particularly in the condominium and townhome markets.\u201d<\/p>\n<p>Total new listings coming to market were the lowest seen since 2003, with only 3,666 homes brought to MLS \u2013 a 36.9% decrease from 2016, and 11.6% down month over month. However, compiled with existing listings, the number of homes for sale is actually slightly higher (4.9%) than last year\u2019s levels.\u201d<\/p>\n<p>According to REBGV, the average detached home price has slid 6.5% over the past six months to $1,474,200, with sales down a whopping 58.11% year over year. <a href=\"http:\/\/www.zoocasa.com\/vancouver-bc-real-estate\">Vancouver condo<\/a> sales fell 28.8% year over year, now priced at $526,300 (+2.3% over six months), and townhomes down 33.1% year over year, and priced at $675,500 (-0.3% over six months).<\/p>\n<p>In all, sales were 7.7% below the 10-year average for the region.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is officially more expensive to purchase a house in Toronto than it is in Vancouver. According to the February sales numbers released by both the Toronto and Vancouver regional real estate boards, the average detached home price in the 416 has hit a new record of $1,573,622, compared to the $1,474,200 benchmark in Vancouver. [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":10408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[33,181,587],"tags":[],"class_list":["post-10406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news","category-toronto-real-estate","category-vancouver-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Toronto Average House Price Now Higher Than Vancouver\u2019s | Zoocasa<\/title>\n<meta name=\"description\" content=\"The Toronto average house price has officially outpaced Vancouver&#039;s, reveals the February numbers released by each city&#039;s respective real estate board.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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When not keeping an eye on Toronto's hot housing market, she can be found brunching in one of the city's many vibrant neighbourhoods, travelling abroad, or in the dance studio.","url":"https:\/\/www.zoocasa.com\/blog\/author\/penelope\/"}]}},"_links":{"self":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/posts\/10406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/comments?post=10406"}],"version-history":[{"count":0,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/posts\/10406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/media\/10408"}],"wp:attachment":[{"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/media?parent=10406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/categories?post=10406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zoocasa.com\/blog\/wp-json\/wp\/v2\/tags?post=10406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}