#8116131 - 03/04/15 09:48 AM
Average price of Toronto detached home shoots past $1 mil
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Denis Si
Post Master
Registered: 04/11/01
Posts: 2798
Loc: T.O.
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Jesus Christ. Where is DA BUBBLE AT?
Home sales in February were surprisingly hot — even in the face of record-low temperatures — as sales climbed 11.3 per cent over the same period a year ago, and so did prices, with the average detached in the City of Toronto exceeding the $1 million mark.
Prices for all housing types — from condos to detached homes — were up 7.8 per cent in February across the GTA, bringing the average sales price to $596,193, according to figures released by the Toronto Real Estate Board Wednesday.
But detached homes in the 416 region remained in particularly high demand.
Sales were up a stunning 16.9 per cent, year over year and prices continued to climb into the stratosphere. While the average sale price for a detached in the City of Toronto briefly touched on $1 million last April, it had quickly dipped down by the end of that month to $965,670. It stayed roughly there — below $1 million — right up until now.
But unrelenting high demand coupled with a shortage of listings — the supply of homes for sale was down 8.7 per cent in February, year over year — continues to fuel bidding wars which show no signs of letting up.
And it’s still a few weeks until peak spring market.
“The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA, coupled with a constrained supply of homes for sale in some market segments, especially where low-rise home types like singles, semis and townhouses are concerned,” said Jason Mercer, the real estate board’s director of analysis in a statement.
Despite one of the most bitterly nasty winters in recent memory, some 6,338 houses and condos sold in February, up from 5,696 a year ago, according to TREB figures.
Top for transactions were detached homes in the 416 region, with sales up 16.9 per cent, no doubt further buoyed by the recent further drop in interest rates. Overall, detached home sales were up 13.9 per cent across the GTA.
The average sale price of a detached was up 8.9 per cent across the GTA, to an average of $782,166. But demand for the holy grail of housing — a detached house close to work and transit in the highly coveted City of Toronto — saw average sale prices average an unprecedented $1.04 million for the whole month. That compared to $694,285 in the 905 regions.
Townhouses — now highly sought after as the most affordable form of housing next to condos — were also in extraordinarily high demand with sales up 13.6 per cent in February over a year earlier.
Prices, however, were down 7 per cent in the 416 region, to an average of $507,843. In the 905 regions, the average sale price of a townhouse stood at $433,127 last month, up 8 per cent year over year.
Condo sales were surprisingly strong, up 10 per cent year over year, and prices held relatively steady despite escalating supply, up 2.4 per cent across the GTA.
That brought the average price of a condo in the 416 region to $369,655 in February, down 0.9 per cent year over year, while condos in the 905 regions saw sale prices climb by almost 11 per cent, to an average sale price of $322,055, significantly narrowing the gap between buying a condo in the city versus the suburbs.
The average days on market for all housing types dropped by 7.7 per cent in February — largely reflecting continued high demand in the face of a shortage of properties for sale — from 26 days in February of 2014 to 24 days last month.
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#8116161 - 03/04/15 10:08 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Denis Si]
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Big Tasty
Post Master Supreme
Registered: 02/10/02
Posts: 19661
Loc: Toronto
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Ya, I'm staying put. 
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#8116228 - 03/04/15 10:35 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107010
Loc: Barrie, Ont,
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So when's the bubble bursting again?
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d 
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#8116234 - 03/04/15 10:38 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: LNXGUY]
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GimpCivic
Sr Member
Registered: 02/06/00
Posts: 1025
Loc: Toronto, ON, Canada
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That average was probably propped up by my neighbour. She's single, late 20s/early 30s and just bought a detached home for a bit under $2M. There's a lot of money in this city!
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#8116241 - 03/04/15 10:40 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: GimpCivic]
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Euphoricuck
Post Master Supreme
Registered: 11/05/03
Posts: 92703
Loc: Canadistan
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That average was probably propped up by my neighbour. She's single, late 20s/early 30s and just bought a detached home for a bit under $2M. There's a lot of money in this city!
dibs: pm pics and phone number asap
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#8116250 - 03/04/15 10:50 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: GimpCivic]
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Screamin Type ARGH!
High Value Poster
Post Master Supreme
Registered: 02/20/01
Posts: 47685
Loc: T.O. - Canaduh
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That average was probably propped up by my neighbour. She's single, late 20s/early 30s and just bought a detached home for a bit under $2M. There's a lot of money in this city!
must be nice. parents money or "she works hard for the money" lol.
_________________________
 "Ban low performance drivers, not high performance cars"
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#8116273 - 03/04/15 10:56 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107010
Loc: Barrie, Ont,
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That average was probably propped up by my neighbour. She's single, late 20s/early 30s and just bought a detached home for a bit under $2M. There's a lot of money in this city! dibs: pm pics and phone number asap
Copy me as well.
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8116284 - 03/04/15 11:02 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: LNXGUY]
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Euphoricuck
Post Master Supreme
Registered: 11/05/03
Posts: 92703
Loc: Canadistan
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So when's the bubble bursting again?
If you have all your eggs in a home. You dun goofed.
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#8116290 - 03/04/15 11:06 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107010
Loc: Barrie, Ont,
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So when's the bubble bursting again? If you have other investments it shouldnt matter. If you have all your eggs in a home. You dun goofed.
I think people are waiting for a US like disaster, I doubt that's ever going to happen.
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8116307 - 03/04/15 11:18 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107010
Loc: Barrie, Ont,
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Im sure some people felt that way the others times it has happened in history.
I'm sure some people understand why it happened in the US in the first place.
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8116310 - 03/04/15 11:21 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107010
Loc: Barrie, Ont,
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Im talking about past canadian corrections. This shit does not keep going up indefinitely.
So am I.. Do you think there's going to a US like collapse up here? I don't, which is my point.. Sure it's going to level off and even go down, but nothing like down south.
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8116339 - 03/04/15 11:37 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107010
Loc: Barrie, Ont,
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Anything is possible, is it likely? I doubt it seeing that the one main reason for the crash in the US were their lending practices. Now, if they handed out mortgages up here like they did down in the states, then yeah I'd be a lot more worried.
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8116387 - 03/04/15 12:11 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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GimpCivic
Sr Member
Registered: 02/06/00
Posts: 1025
Loc: Toronto, ON, Canada
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I was one of those that was waiting on the sidelines since 2005 for the market to "correct". I tried to buy on many occasions but was always up against multiple bid scenarios that drove the price to what I thought were over-valued. With every year that passed, the money saved and interest/cap gains earned, I couldn't out perform the growth in the 416 detached avg price increase.
If I didn't end up buying when I did in 2011, which I thought was the peak, I wouldn't be able to afford to buy today.
The key is to buy something that your income can handle and that you're not ignoring other aspects of your financial portfolio.
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#8116445 - 03/04/15 12:56 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: GimpCivic]
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SuPeR-MaRiO
Post Master Sr
Registered: 06/28/01
Posts: 6123
Loc: Toronto, Ontario
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What i want to know is, who actually considers their home (ie primary residence) as an investment? 
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#8116495 - 03/04/15 01:32 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107010
Loc: Barrie, Ont,
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_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8116552 - 03/04/15 02:09 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 107010
Loc: Barrie, Ont,
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Young people are stupid, check. 
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8117093 - 03/04/15 07:11 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: c2k]
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Lafora
Post Master Sr
Registered: 12/16/01
Posts: 4623
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i wonder how long have people in vancouver been waiting for the bubble to burst
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#8118742 - 03/05/15 04:37 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: GimpCivic]
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A2B-Lexus
Post Master Supreme
Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
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That average was probably propped up by my neighbour. She's single, late 20s/early 30s and just bought a detached home for a bit under $2M. There's a lot of money in this city!
404 Error, pictures not loading.
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#8119013 - 03/05/15 07:17 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: A2B-Lexus]
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Euphoricuck
Post Master Supreme
Registered: 11/05/03
Posts: 92703
Loc: Canadistan
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houses costing a mill don’t qualify for CMHC insurance. That requires a buyer to cough up a 20% downpayment in order to deal with a major lender. It also means the government will no longer insure financing on the average home, which is interesting. So on a property changing hands for $1.04 million, the down is $208,000. Land transfer tax in Toronto adds $33,800, so with normal closing costs, the buyer needs about $245,000 in real money, plus a mortgage of about $810,000. (Renovating comes extra.)
said this week that the million-dollar CMHC cutoff limit is leading to a surge in subprime lenders entering the market
sees more and more families forced to borrow downpayments to buy million-dollar-plus homes, because (a) they don’t have the money and (b) that’s what houses cost.
there you go Bill
tdot median household income = $69000
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#8119148 - 03/05/15 08:46 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Big Tasty]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29156
Loc: Toronto
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No idea how the average family expects to afford this stuff.
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-Jeff
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#8119166 - 03/05/15 08:58 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: JEFFOS]
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SW20_MR2
Post Master Sr
Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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It's not the average family that's buying these houses. It's not like someone that makes $69k can qualify for a mortgage on a house that expensive. The average family is buying the houses in Pickering, Ajax, or even farther areas away from the city. Or they're renting...
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