Although, this is a considerably lower premium than observed just a few months ago. The benchmark price fell to $930,500, which is still up 8.56% from last year.
The increase in inventory, and drop in sales are likely contributing to tapering price growth. The Toronto Real Estate Board numbers show detached sales are down 41%, and detached inventory is up 109%. Toronto’s most expensive homes are having trouble pushing prices higher. Toronto Detached Inventory Doubles Compared To Last Year Spoiler alert, even if you think asset prices can magically levitate, without any ups or downs – it would take a very long time for incomes to catch up. By popular demand, we model data showing just how long prices would need to stay flat for incomes to catch up. When home prices make a quick run higher, one thing we frequently hear is prices will stay flat. Part one focuses on using basic models to debunk one of the most common junk statements made by the housing industry.įlat Canadian Real Estate Prices While Incomes Catch Up? Nope
Invisor richmond series#
Since so many people asked for the notes, we thought we would assemble them into a series of articles for all to read. The CMHC, the Crown corporation that conducts unbiased housing research, asked us to present the Future of Home Prices at their annual housing finance conference. The Future Of Canadian Real Estate Prices Part 1: Filtering Noise Time for your weekly cheat sheet on the most important real estate stories. It sold for $2.1 million, $95K under asking, after 39 days on the market. This 39th-floor unit has super-high-end finishings, three bedrooms and city and mountain views for days. The top-priced condo sale of the same week was a very chic, 1,327-square-foot condo in the residential part of the Telus Garden building in downtown Vancouver. This 6,000-plus-square-foot renovated house took 177 days to sell for $1,138,000 under its asking price, going for $5.85 million. The median listing price for a condo in the city, as of October 12, was exactly the same as the previous week, at $949,000.Ĭonquering the priciest home sales charts for that week, of the sales registered by October 12, was a six-bedroom, six-bathroom home in desirable South Granville. This breaks down as $775K in Vancouver West and $100,000 less than that in Vancouver East, at $675K. With demand for condos unrelenting, median condo sale prices that week bucked the trend by increasing to $762,500, which is around $90K more than the previous week. Townhouses, which have for the past weeks been selling at a median of approximately $1.4 million across the city, slipped considerably during the same period to $995,000, in what was a poor week for that property type. Certainly the median listing price for Vancouver detached houses has not seen similar wobbles, hanging on doggedly to its near-$3 million position as of October 12. The lower overall median sale price could be because a greater volume of detached homes are selling at the less-expensive end of the price spectrum, rather than individual homes seeing typically lower sale prices than previously. This varies wildly between Vancouver West (West Side, Downtown West and West End), where the median of the 14 houses sold was $3,745,000, and Vancouver East (East Side and Downtown East), which saw 15 house sales at a median of $1,555,000. The median price of those 29 detached homes sold was $1,866,000 – significantly lower than the last few weeks.
Median sale prices were similarly wobbly that week. That’s a little – but not dramatically – lower than the 122 units of the week before, and still a healthy figure. Only condo sales in the city reasonably held their own, with 102 units so far registered as sold during September 25-October 1. Townhome and similar attached-home transactions, always fewer in number and therefore more changeable, fell to just 17 sales during that same week, far below the 32 attached units of the previous week.
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