Infuriating graphic shows how much Toronto's real estate market has changed in 10 years
Buying property in Toronto seems like playing a slow, measured version of the lottery, but with better odds of success and a far greater barrier to entry.
Scratch tickets may not turn many people into millionaires, but anyone who purchased a home in Canada’s biggest city 10 years ago could realistically have tacked an extra seven-figure sum onto their net worth since that time.
It’s a slow win, but a big win, as a newly published comparison of real estate figures in Toronto between 2013 and 2023 shows.
South Etobicoke realtor Graham Rowlands of homing.ca released his annual 10-year housing market comparison for 2023 this week, and this time it’s more comprehensive than ever.
“It is that time of the year again, where I look back at how the year-end numbers compare to the previous 10 years,” wrote Rowlands when sharing not one but eight new graphics analyzing everything from prices in Toronto and the GTA at large to sales figures by property type.
“While the current market is slow, real estate continues to prove to be a great investment long term. This year I really drilled in on sales volume and how we are currently sitting at 10-year or longer lows.”
Home prices have increased by far more than average incomes over the past decade in Toronto. (Graphic via homing.ca)
With home sales down 38.2% across the GTA in 2022 (nearly 50% in December alone), Toronto’s real estate market has definitely cooled off since the overheated days of 2021.
According to Rowlands, sales were so soft in 2022 that they broke a 15-year-old record with only 75,140 sales reported through TRREB’s MLS System.
“The last year we saw this few sales was 2008 when the year saw a total of 74,505 sales,” writes Rowlands. “We haven’t seen this few sales in December for all home types since 2008 when there were 1093 sales.”
For detached homes in particular, Toronto just hit a sales low of nearly 30 years — potentially more.
“Unfortunately, the furthest I can go back using the TREB data is 1996, and even going back that far, there hasn’t been a December with fewer [detached] sales,” writes the realtor, noting that condos also last experienced this few sales in 2008.
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