BMyers
Active Member
I posted the R-values. So anything over 0.5 would be considered statistically significant.
I'd normally be happy to send you the data to look at, but it is subscription data from Urbanation, so I'm not allowed to forward.
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Baby, we got a bubble!?
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I posted the R-values. So anything over 0.5 would be considered statistically significant.
I'd normally be happy to send you the data to look at, but it is subscription data from Urbanation, so I'm not allowed to forward.
DearSummer
Banned
Just wondering your opinion on it since it sounds like you have enough information? Any interest in UrbanToronto running a story on Fortress? PM me with the going rate for an article on here and maybe I'll whip something up for you?
DearSummer
Banned
Latest TREB report released today: http://www.torontorealestateboard.com/market_news/market_watch/2014/mw1408.pdf
Condo market continues to chug slowly forward. Low-rise is still going gang-busters from a price perspective. Average selling price? $546k. Who is buying these homes?
Condo market continues to chug slowly forward. Low-rise is still going gang-busters from a price perspective. Average selling price? $546k. Who is buying these homes?
Eug
Senior Member
Holy crap. Detached homes in the 416 averaged over $900000 last month. That represents a 15% rise yoy.
Also the index level compared to summer 2005 at www.housepriceindex.ca is 162.35 in Toronto as of July. Crazy.
CN Tower
Banned
Where else do you want to live? What city even compares to Toronto overall for employment opportunities, culture, variety, and quality of life?
James
Senior Member
That is pretty astonishing and it's with a 1.7% increase in sales volume too so it's not because of shortage of inventory.
It is important to note that the average price of a detached home in the 416 is a touch over $900,000 but the median price of a detached home in the 416 is still at $665,000. That's the upside.
Looking further though, the cold, hard truth of detached homes in the central Toronto districts (the MLS C-numbers) show that the average price is actually a little over $1.5M while the median price is getting close to $1.2M! Now that is even more astonishing.
DearSummer
Banned
I'm not wondering why people would want to live in Toronto. I'm wondering how they can afford it.
Pi3141592654
New Member
Are you suggesting that a correlation value of 0.5 is sufficient to qualify it as statistically significant? What are the confidence intervals for your output? You can have high correlation with no statistical significance. You can have low correlation with statistical significance. Did you use a simple two variable or multi-variable regression? In you qualifying a low correlation for one of your variables, your equation (or model) may be misspecified.
Condo George
Active Member
The average sale price of detached homes in the sought-after 416 region crept back up to an average transaction price in August of $902,428.
By: Susan Pigg Business Reporter, Published on Thu Sep 04 2014
Toronto’s housing market went into full summer slowdown in August after an unusually hot July for sales, although prices continued their skyward climb.
Transactions were up just 2.8 per cent in August over a year earlier with 7,391 sales of homes and condos across the GTA, according to figures released Thursday by the Toronto Real Estate Board.
Prices, however, showed no signs of slowing. The average selling price, which includes condos and all house types, was $546,303 in August, up 8.9 per cent from August of 2013.
Even the average sale price of detached homes in the sought-after 416 region, which had been slipping since hitting a high of virtually $1 million in spring, crept back up to an average transaction price in August of $902,428.
The growth in condo sales — they were up 6.5 per cent in August, year over year — outpaced sales growth of detached, semis and townhomes as buyers increasingly find themselves priced out of the house market.
The biggest price driver was simply competition. New listings were down 3.1 per cent and the average days on market dropped from 29 to 27 days, year over year, as the GTA market remains plagued by too few listings to meet demand.
That supply-demand imbalance, which has been a major factor since the recession, is expected to continue to push up prices for the rest of 2014, says Jason Mercer, TREB’s director of market analysis.
Condo sales were up 6.3 per cent in the City of Toronto and 6.9 per cent in the 905 regions. The average sales price for condos hit $370,899 in Toronto, up 4.1 per cent year-over-year, while it was up 5.4 per cent in the 905 regions to an average transaction price of $307,148.
Detached home sales were up just 0.7 per cent across the GTA, 1.7 per cent in the City of Toronto and 0.4 per cent in the 905 regions, likely due to the lack of supply as homeowners simply opt to stay put out of fear of the stress, costs and difficulty of finding another home.
The average sales price in the 905 regions was $644,120 for a detached home, up 9.3 per cent, compared to the average sales price of $902,428 in the 416 region, up 14.7 per cent.
Semi-detached home sales climbed 7.4 per cent in the 416 region and 2.5 per cent in the 905. That brought the average sales price to $627,725 in the 416 region, up 8.8 per cent, and to $445,577 in the 905 regions, up 8.9 per cent.
Townhome sales climbed 11.8 per cent in the 416 and 1.3 per cent in the 905. Prices hit an average of $463,798 in the 416 and $406,748 in the 905, up from last August by 11.7 per cent and 8.5 per cent respectively.
By: Susan Pigg Business Reporter, Published on Thu Sep 04 2014
Toronto’s housing market went into full summer slowdown in August after an unusually hot July for sales, although prices continued their skyward climb.
Transactions were up just 2.8 per cent in August over a year earlier with 7,391 sales of homes and condos across the GTA, according to figures released Thursday by the Toronto Real Estate Board.
Prices, however, showed no signs of slowing. The average selling price, which includes condos and all house types, was $546,303 in August, up 8.9 per cent from August of 2013.
Even the average sale price of detached homes in the sought-after 416 region, which had been slipping since hitting a high of virtually $1 million in spring, crept back up to an average transaction price in August of $902,428.
The growth in condo sales — they were up 6.5 per cent in August, year over year — outpaced sales growth of detached, semis and townhomes as buyers increasingly find themselves priced out of the house market.
The biggest price driver was simply competition. New listings were down 3.1 per cent and the average days on market dropped from 29 to 27 days, year over year, as the GTA market remains plagued by too few listings to meet demand.
That supply-demand imbalance, which has been a major factor since the recession, is expected to continue to push up prices for the rest of 2014, says Jason Mercer, TREB’s director of market analysis.
Condo sales were up 6.3 per cent in the City of Toronto and 6.9 per cent in the 905 regions. The average sales price for condos hit $370,899 in Toronto, up 4.1 per cent year-over-year, while it was up 5.4 per cent in the 905 regions to an average transaction price of $307,148.
Detached home sales were up just 0.7 per cent across the GTA, 1.7 per cent in the City of Toronto and 0.4 per cent in the 905 regions, likely due to the lack of supply as homeowners simply opt to stay put out of fear of the stress, costs and difficulty of finding another home.
The average sales price in the 905 regions was $644,120 for a detached home, up 9.3 per cent, compared to the average sales price of $902,428 in the 416 region, up 14.7 per cent.
Semi-detached home sales climbed 7.4 per cent in the 416 region and 2.5 per cent in the 905. That brought the average sales price to $627,725 in the 416 region, up 8.8 per cent, and to $445,577 in the 905 regions, up 8.9 per cent.
Townhome sales climbed 11.8 per cent in the 416 and 1.3 per cent in the 905. Prices hit an average of $463,798 in the 416 and $406,748 in the 905, up from last August by 11.7 per cent and 8.5 per cent respectively.
DearSummer
Banned
Pretty scary if we keep heading in this direction. It's sad that Canada has become a safe haven for ill-gotten gains and so called "astronaut families" (i.e. they ain't paying tax but are syphoning up government services).
Foreign buyers are fuelling a seismic spike in Vancouver’s luxury housing market, realtors say
http://business.financialpost.com/2014/09/11/china-buyers-vancouver-housing/
Foreign buyers are fuelling a seismic spike in Vancouver’s luxury housing market, realtors say
http://business.financialpost.com/2014/09/11/china-buyers-vancouver-housing/
TorontoMike$$
Active Member
Keep that asian money coming.. land transfer, property taxes, hst etc..
It seems like us Canadians would rather rent than own.. which is rather unfortunate but these people are picking up the slack and will be ahead in the long run.
It seems like us Canadians would rather rent than own.. which is rather unfortunate but these people are picking up the slack and will be ahead in the long run.
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Wooba
Active Member
Was it the record high level of home ownership in Canada that brought you to this conclusion?
Eug
Senior Member
James
Senior Member
I don't think it's that simplistic though. As statistics show, Canadians are owning homes at record levels. It's just that in certain markets, like Toronto and Vancouver, to own a home in the city is simply getting out of reach for most with an average household income. If people could buy a house in the city, they would. And they have. Young people have stretched to get into that house in the Beach or in Leslieville. They've been doing that for years, but as prices continue to skyrocket, there comes a point where they put on the brakes and choose to rent while figuring out finances and what options they realistically have in the near future.
NorthYorkEd
Active Member
Not sure if that applies to everyone. We are prepared to buy right now, but have decided not to for a variety of reasons. Personally, we are not comfortable with the prices, the real estate "games", nor are we consumed with housing lust or envy. We will likely eventually buy a home, but only if (or when) the stars are properly aligned. The whole scene gives me major heebie-jeebies right now. Yes, there are downsides to renting, as there are downsides to owning a massive mortgage debt and being responsible for the maintenance of a home, but there are many upsides, too. And right now, those upsides trump any of the downsides.