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Average price of detached home in Toronto tops $1 million for first time. What we always hear is Vancouver is (significantly) more expensive than Toronto, it seems that we are actually catching up, neck to neck?
On the other hand, Benchmark prices for single-family detached houses in Greater Vancouver, including bedroom communities such as Burnaby and Richmond, exceeded $1-million last month for the first time
I don't know about all the boundaries and what not but $1M for a detached home in Toronto may be referring to the official boundaries of the city of Toronto, while the other article re Vancouver says $1M for detached homes in Greater Vancouver. If that's the case, then Vancouver still costs more because one can go into Greater Toronto (i.e. the burbs) and find homes that will definitely average less than $1M. Maybe I'm reading it wrong but Vancouver might still have the edge in terms of being costly. Additionally, Toronto salaries are higher than Vancouver, so housing becomes more affordable from the revenue side, not just cost side, as well in Toronto. End of the day, both cities are very expensive real-estate wise for what they are and likely in the same bucket in terms of price-to-income, which is among the highest in the world.
I recently bought a semi in Toronto after being outbid several times for a detached home. Would of been nice but the truth is that the semi will serve it's needs just fine. I also found detached homes that really interested me were still pushing $1.3-1.5M which I can't afford.
^ you are right Jonathan, it is city vs. metro, so not a direct comparison.
After some quick research I found that a TD report says "The average cost of a new home across the GTA hit a new record in 2014, ... up 8 per cent from 2013 to $705,813." - this might include detached and semis, so a detached home probably not far from $1M either? I am not sure.
Plus it is always hard to compare apple to apple. While the GTA is 7250sq km, metro Vancouver is only 2900sq km, a much smaller area. But I totally agree that all things considered, Toronto seems still more affordable, especially with higher salaries.
Well, regarding salary, I am a bit unsure either. Everyone says Toronto pays more than Vancouver but Statscan essentially put their median family income as the same, around $71k. Cities like Hamilton or Waterloo even have higher wages. What I am missing here?
Congrats on your purchase - that's quick! And hope you are well settled back in Toronto. I honestly don't know why people make a big fuss about detached vs semis - I think it is more a result of vanity (my house is detached!) than the real need. What's the big deal with sharing a wall with a neighbour anyway. I wish I am surrounded my neighbours, which will be a lot more energy efficient. One reason my condo tends to be colder is that I don't have a unit above me or to the east of me.
^ you are right Jonathan, it is city vs. metro, so not a direct comparison.
After some quick research I found that a TD report says "The average cost of a new home across the GTA hit a new record in 2014, ... up 8 per cent from 2013 to $705,813." - this might include detached and semis, so a detached home probably not far from $1M either? I am not sure.
Plus it is always hard to compare apple to apple. While the GTA is 7250sq km, metro Vancouver is only 2900sq km, a much smaller area. But I totally agree that all things considered, Toronto seems still more affordable, especially with higher salaries.
Well, regarding salary, I am a bit unsure either. Everyone says Toronto pays more than Vancouver but Statscan essentially put their median family income as the same, around $71k. Cities like Hamilton or Waterloo even have higher wages. What I am missing here?
Congrats on your purchase - that's quick! And hope you are well settled back in Toronto. I honestly don't know why people make a big fuss about detached vs semis - I think it is more a result of vanity (my house is detached!) than the real need. What's the big deal with sharing a wall with a neighbour anyway. I wish I am surrounded my neighbours, which will be a lot more energy efficient. One reason my condo tends to be colder is that I don't have a unit above me or to the east of me.
I think Vancouver is more expensive, though I'm not familiar with the market there. I only know because my parents decided to settle there and spent $1.5 mm for a house way out in White Rock, which is a small town almost 1 hour south of Vancouver...
^ you are right Jonathan, it is city vs. metro, so not a direct comparison.
After some quick research I found that a TD report says "The average cost of a new home across the GTA hit a new record in 2014, ... up 8 per cent from 2013 to $705,813." - this might include detached and semis, so a detached home probably not far from $1M either? I am not sure.
Plus it is always hard to compare apple to apple. While the GTA is 7250sq km, metro Vancouver is only 2900sq km, a much smaller area. But I totally agree that all things considered, Toronto seems still more affordable, especially with higher salaries.
Well, regarding salary, I am a bit unsure either. Everyone says Toronto pays more than Vancouver but Statscan essentially put their median family income as the same, around $71k. Cities like Hamilton or Waterloo even have higher wages. What I am missing here?
Congrats on your purchase - that's quick! And hope you are well settled back in Toronto. I honestly don't know why people make a big fuss about detached vs semis - I think it is more a result of vanity (my house is detached!) than the real need. What's the big deal with sharing a wall with a neighbour anyway. I wish I am surrounded my neighbours, which will be a lot more energy efficient. One reason my condo tends to be colder is that I don't have a unit above me or to the east of me.
From what I've read, $1 million seems specifically quoted for 'detached' so when you include semis and townhomes, then perhaps the average price will come down below $1 million. As for salaries, I've investigated jobs out west in the past and was shocked how low they pay given similar experience and education. It felt 20% lower than Toronto; I found similar results with Montreal. And I find Toronto pays 20% less than major US metros like Boston, DC, SF, etc. to begin with. Only in Calgary, did I find that the pay was higher than Toronto. Statscan may be right but it I'm using professional-type salaries as the litmus test, perhaps salaries in the middle are not that different nor would I expect them to be.
Cities also come in different shapes and sizes and unless someone has intimate knowledge of each city's urban landscape, it's very subjective to determine what the "urban" vs. "suburb" vs. "in between" type areas are when comparing real estate. City boundaries mean nothing in this regard. The city of Toronto IMO is really only "urban" south of Bloor. My semi is off the Yonge line north of Bloor which I would say is not that "urban" but not fully suburban either, it's "in between". Most neighborhoods close to the subway line are like this but once you get closer to Steeles going north, it's fully suburban.
I've investigated jobs out west in the past and was shocked how low they pay given similar experience and education. It felt 20% lower than Toronto; I found similar results with Montreal. And I find Toronto pays 20% less than major US metros like Boston, DC, SF, etc. to begin with.
That corroborates my observations too.
Quote:
Originally Posted by johnathanc
The city of Toronto IMO is really only "urban" south of Bloor.
I think so too but most Canadians don't agree. Had a lot of arguments before. I think neighbourhoods like the Beaches or Leaside or Forest Hill are pretty suburban already but people have different standard.
Quote:
Originally Posted by johnathanc
My semi is off the Yonge line north of Bloor which I would say is not that "urban" but not fully suburban either, it's "in between". Most neighborhoods close to the subway line are like this but once you get closer to Steeles going north, it's fully suburban.
anything close to Yonge in the city boundary is very expensive, particularly between St Clair and Lawrence as far as I know.
I think a few blocks (maybe 5?) north of Eglinton is already quite suburban. Look at Yonge/Lawrence, Yonge/York Mills, there is hardly nearby except low rise houses. One thing that frustrates me about Toronto is its suburbanness. Not much going off Yonge st if you are north of Bloor. I probably venture to north of Bloor once a month, to as far as St Clair ave.
I think Vancouver is more expensive, though I'm not familiar with the market there. I only know because my parents decided to settle there and spent $1.5 mm for a house way out in White Rock, which is a small town almost 1 hour south of Vancouver...
I think a few blocks (maybe 5?) north of Eglinton is already quite suburban. Look at Yonge/Lawrence, Yonge/York Mills, there is hardly nearby except low rise houses. One thing that frustrates me about Toronto is its suburbanness. Not much going off Yonge st if you are north of Bloor. I probably venture to north of Bloor once a month, to as far as St Clair ave.
I would argue it's somewhere in between urban and suburban. From my place, I can walk to Yonge street and buy anything I need on the strip. There are plenty of options that have everything you mostly need. I can also walk to the subway and take it downtown. I don't have a car, although I am planning to buy one soon. It will be my first real car purchase.
So from that perspective I don't view where I live as totally suburban, I view it as "in between". Is it bustling with energy into the night with stores stacked on top of each other like Manhattan or Barcelona? No. It's quiet and family oriented, which is what I prefer right now. If you don't live around there, I admit there isn't really any reason to make the trek. Most residential areas of the city are like this. But even though I argue that my area being close to Yonge is semi-urbane, when you look at communities further away from the subway like you say Leaside or the Beaches, then it feels much even much less urban.
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