Toronto real estate continues to run red hot, and several eye-popping numbers put the city’s performance into perspective
Toronto continued its streak as one of Canada’s most active residential real estate markets, with local realtors reporting a total of 12,870 sales in May alone. Prices also swelled to new heights, with the average price of a home in the GTA growing by 18.6 per cent year-over-year to $734,924.
Other significant numbers in the city’s overheated housing sector were cited by analyst Nelson Smith in his June 28 contribution piece for The Motley Fool Canada.
$1,285,693
As of last month, this is the average price of a detached house in Toronto, having increased by 15.2 per cent on a year-over-year basis. The average price of all house types within the city now is now hovering at $782,051—and a combination of scarcity, low interest rates, and sustained interest from foreigners would only serve to further inflame this growth.
20.36
This is the approximate number of years of rent needed for a tenant to fully pay for an average home in downtown Toronto, according to metropolitan price comparison portal Numbeo.
2,800,000
This is the provincial government’s projected number of new residents in the Greater Toronto Area over the next quarter-century. Many of these inbound migrants are predicted to be foreigners, who are even now actively snapping up high-end properties in Canada’s most in-demand housing markets.
11
This is the number of homes currently being built for every 1,000 Toronto citizens, according to the Royal Bank—which added that any number above 4.5 indicates that a particular city is a “high-risk” zone.
$25,222,523,000
This is the running total value of outstanding loans managed by Home Capital Group Inc., the country’s largest subprime mortgage lender. Fully 90 per cent of this amount is held by borrowers who reside in and around Toronto.
Related Stories:
Massive gains in hottest markets mask housing slump everywhere else
First-time buyers at grave risk in event of a down payment hike
Other significant numbers in the city’s overheated housing sector were cited by analyst Nelson Smith in his June 28 contribution piece for The Motley Fool Canada.
$1,285,693
As of last month, this is the average price of a detached house in Toronto, having increased by 15.2 per cent on a year-over-year basis. The average price of all house types within the city now is now hovering at $782,051—and a combination of scarcity, low interest rates, and sustained interest from foreigners would only serve to further inflame this growth.
20.36
This is the approximate number of years of rent needed for a tenant to fully pay for an average home in downtown Toronto, according to metropolitan price comparison portal Numbeo.
2,800,000
This is the provincial government’s projected number of new residents in the Greater Toronto Area over the next quarter-century. Many of these inbound migrants are predicted to be foreigners, who are even now actively snapping up high-end properties in Canada’s most in-demand housing markets.
11
This is the number of homes currently being built for every 1,000 Toronto citizens, according to the Royal Bank—which added that any number above 4.5 indicates that a particular city is a “high-risk” zone.
$25,222,523,000
This is the running total value of outstanding loans managed by Home Capital Group Inc., the country’s largest subprime mortgage lender. Fully 90 per cent of this amount is held by borrowers who reside in and around Toronto.
Related Stories:
Massive gains in hottest markets mask housing slump everywhere else
First-time buyers at grave risk in event of a down payment hike
