Every day you own a detached house in Toronto, your net worth rises by $550.
Or put another way, every day you delay buying a house in Toronto will cost you another $550.
The Toronto Real Estate Board (TREB) reported Wednesday that single-detached home prices hit an average of $1.258 million in April, up a massive 18.9 per cent in a year.
That breaks down to price growth of $16,820 per month, or roughly $550 per day.
Thatâ€™s for single detached homes in the city itself. The average price for all home types in Greater Toronto rose by $104,000 in a year, to $739,082, up about 16.3 per cent in a year.
Condo owners arenâ€™t seeing nearly the same rate of growth, though. Condo prices in the city rose 7 per cent, to $436,545, and in the suburban 905 region they rose 7.8 per cent, to $343,439.
So if you own a condo in Toronto, youâ€™re seeing price growth of $2,411 per month, or â€śjustâ€ť $79.26 per day.
Detached home owners can be forgiven for thinking theyâ€™ve won a real estate lottery.
If Toronto home prices continue on the path they're on â€” and that's a huge "if" â€” it will cost between $2.26 million and $3.6 million to buy a detached house in the city by 2026.
Supply shortage as owners keep homes off market
Toronto set yet another all-time home-sales record in April, TREB said, but said sales â€ścould have been even higher if we had benefitted from more supply.â€ť
There were four per cent fewer detached home sales in Toronto this April than last, TREB said. Faced with a shrinking supply of family homes, Torontonians are turning to those less-lucrative condo properties, sales of which are up 17.4 per cent in a year.
TREB says Torontonians are choosing not to list their homes â€śbecause of the second substantial Land Transfer Tax and associated administration fee.â€ť
But a recent Re/Max report suggested some different reasons for why people are taking their homes off the market: Some are waiting for even higher sale prices later on, while others are afraid of becoming homebuyers in such a competitive market.
If even the owners of million-dollar homes are afraid of this market, what chance does anyone else have?
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