My fellow NJ Realtor Erin Ryan summed up the current state of the real estate best (especially in Toronto):

Seller: I’m thinking of selling my house, how is the market?

Agent: Remember back in May when you were looking or toilet paper? Yeah, it’s like that.

 And for buyers, it feels like the Bank of Canada has given Canadians a big discount on mortgage interest rates for the next while, so everyone feels like they need to buy now. Don’t worry, the shelves will soon be restocked with toilet paper again.

A Big Six bank believes they figured out why Canadian real estate prices are high – buyers want them to be. BMO’s latest analysis shows Canadian homeowners pay 46% more after exchange than people in the US. [1]

BMO thinks Canadians just enjoy spending more. [2] I agree. From living in the US for most of my working life, this was a noticeable trend I noticed after moving back to Canada. There is a preference for purchasing the same product at Whole Foods than at Metro, for example.

Furthermore, Canadians are paying big premiums to own instead of rent. Canadian condo apartment buyers pay a big carrying premium to own instead of rent in some big cities. A CMHC analysis shows Toronto condo owners pay 87% more to own, than rent in a purpose built building in 2020. Vancouver’s huge, but not as big as Toronto, premium is 54% to own vs rent. [2]

For the longest time, I didn’t understand why one of the first things Torontonians ask when they first meet you after they ask is, if you live in a condo or apartment (purpose built rental building). Makes sense now.

 

Toronto Stats this Past week

MLS activity from January 27 to February 2 for residential properties:

For Sale:

3,745

↑ Newly Listed:

863

Sold:

434

↓For Rent:

10,387

Compare the above to the week before from January 20 to 26 when there were 3,937 for sale, 794 newly listed, 472 sold & 10,710 for rent.

TODAY’S NEWEST LISTINGS

TORONTO HOUSES FOR SALE

Under $950k $950k to $1.2M $1.2M to $1.6M
$1.6M to $2M $2M to 3M

Over $3M  

TORONTO CONDOS FOR SALE

Under $500k $500k to $600k $600k to $700k
$700k to $800k $800k to $1M Over $1M

OTHER

GTA Fixer Uppers Ontario Foreclosures Map Search

 (Email or call me directly for specific sold or off-market properties)

If you would like me to look up any other numbers for you, just call or text me 647-804-8601.
Let me know how I can help with your (RE)search.