A Statistical Snapshot of Toronto’s Red-Hot Resale Market

Staggering! … Like a runaway train!! … Head-spinning!!! … Totally surreal!!!!

Believe it or not, these aren’t examples of the fervent fan response surrounding the latest Game of Thrones teaser trailer, or the fact that the Leafs just cinched a playoff spot. Nor do they reflect any of the reviews pouring in for the new Fast & Furious franchise instalment, which hits cinemas this weekend. (Although Fast & Furious would certainly be an apt title if Hollywood ever did make a movie about modern Toronto real estate.)

No, these are just a few adjectives—the family friendly ones, at least—currently tossed around to describe Toronto’s housing market. More specifically: the ever-escalating resale activity being recorded in the GTA on a monthly basis.

Simply put, the scorching climate of Toronto’s resale frontier has taken the city by storm. Or better yet—via heat wave.

For one, a house used to be perceived as affordable when it only cost three times your income. Now it goes for over eleven times the GTA’s median total family income. In fact, nothing in the economy comes close—not even the Canadian stock market—to seeing the kind of increase that the average resale home price in Toronto experiences year-over-year. We’re talking substantial growth in double digits.

For those costs, you could basically buy an average-priced house in Montreal, one in Winnipeg and another in Halifax to complete the trifecta. Furthermore, as the figures suggest, it may actually be cheaper to lease a luxury car right now in Toronto than to make monthly mortgage payments.

You can easily see why it’s a subject emphatically grabbing headlines not just in Toronto, but countrywide. So to help you gain a working insight of the general prices and sales figures driving our red-hot resale market—plus the household incomes and budgets at play—we’ve pieced together the following by-the-numbers snapshot of it all.

Like you, these stats are prompting even us to pick our jaws up off the floor…

1… one

Total months it would take for Toronto’s present-day resale housing inventory to completely sell out—presuming no new listings were added and the current pace of sales remained steady.

10… 10

Average amount of days that homes in Toronto stay on the market.

11.7… Screen Shot 2017-04-11 at 12.19.03 PM

Figure needed—based on average prices across Toronto in March 2017—to multiply against the GTA’s estimated median total family income ($78,667), and thereby reflect the cost of a house in the city today.

33.2%…  Screen Shot 2017-04-11 at 10.08.53 AM

Year-over-year increase of the average resale home price in Toronto from March
2016 to March 2017.

75.5%… Screen Shot 2017-04-11 at 10.20.06 AM

Sales-to-new listings ratio across Toronto. Incidentally, 40-to-60 is the range considered to be a sign of market balance.

3,261… Screen Shot 2017-04-11 at 10.32.08 AM

Total number of condo units that sold across Toronto in March 2017. That’s up 23.9% since March 2016.

$3,847… Screen Shot 2017-04-11 at 10.40.57 AM

Expected monthly mortgage payment on a home bought in Toronto at the average March 2017 price. This figure is calculated on a 25-year mortgage—with a fixed five-year rate of 2.65% and a 10% downpayment.

5,887… Screen Shot 2017-04-11 at 10.52.05 AM

Total number of detached homes that sold across Toronto in March 2017.

7,865… Screen Shot 2017-04-11 at 10.56.56 AM

Active Toronto listings by end-of-day on March 31, 2017. That’s down 35.2% since March 31, 2016.

12,077… Screen Shot 2017-04-11 at 11.02.59 AM

Total number of residential properties across Toronto that sold in March 2017. That’s up 15.2% since March 2016.

17,051… Screen Shot 2017-04-11 at 11.12.13 AM

New Toronto listings posted on MLS in March 2017. That’s up 15.2% since March 2016.

$197,000… Screen Shot 2017-04-11 at 11.22.36 AM

Household income—based on one bank’s affordability calculator, then assuming a 10% down payment—required to purchase an average-priced home in Toronto. That’s two-and-a-half times greater than the GTA’s estimated median household income ($78,667).

$518,879… Screen Shot 2017-04-11 at 11.41.18 AM

Average sale price of Toronto condo unit in March 2017. That’s up 33.1% since March 2016.

$916,567… Screen Shot 2017-04-11 at 11.53.19 AM

Average sale price of a Toronto home in March 2017. That’s up from $688,011 in March 2016 and $613,933 in March 2015. This figure takes condos and townhouses into account.

$1,214,422… Screen Shot 2017-04-11 at 12.03.29 PM

Average sale price of fully-detached homes in Toronto. That’s up 33.4% since March 2016.

$11,069,381,891… Screen Shot 2017-04-11 at 12.16.54 PM

Total worth of homes purchased across the GTA in March 2017. The City of Toronto itself accounted for a colossal $3,829,866,009 of that.

 

* STATISTICS SOURCED FROM TREB AND THE GLOBE AND MAIL.