How well do you know Canada’s housing scene? With Canada’s 150th birthday coming up let’s celebrate with some Toronto based and Canadian housing and real estate trivia.

Here are your first 50 facts:

  1. Canadian home value has grown so much recently, that in 2016 many households found that their home “made” more money than they did.
  2. The average price for a detached home in the GTA is now over 1 million dollars.
  3. Think you have it bad in Ontario saving up for a down payment?  On average it takes middle class Vancouver dwellers a decade to save up for a down payment.
  4. Real estate may be a young persons game around here.  In 2015 most of Toronto’s house sales went to first time buyers.
  5. Five of the top 10 most active markets for residential development were in Ontario.
  6. Hamilton’s housing market is so popular right now, that the median cost for a home in Hamilton is higher than one in Vancouver.
  7. According to the 2011 census, there are 13.3 million homes across Canada.
  8. The housing market is always changing, with National housing sales dropping 1.7 percent between March and April this year.
  9. The national average year over year price had increased by 10.4 percent this April.
  10. A recent survey by Bank of Montreal revealed that as many of 40 percent of first time home buyers expect to lean on their parents for help with the down payment.
  11. In the end of 2014 there were more condos under construction in Toronto than any other major North American city including New York, LA, or Chicago.
  12. The Economist believes that Canadian housing is overvalued by around 35 percent.
  13. Downtown condos may be the way to go.  Purchasing condos in Vancouver and Toronto can be considerably cheaper compared to other major cities.
  14. The Canadian Real Estate Association predicted a decline in housing sales by 2.7 percent in Ontario at the beginning of the year.
  15. 43 percent of Canadians plan to borrow money for home renovations.
  16. Many first time buyers don’t realize that using a mortgage calculator isn’t the same thing as securing a loan.  Get yours secured before you find your dream home.
  17. 71 percent of Canadian families carry debt in one form or another (mortgage, car loan, and credit card debt).
  18. Credit scores over 750 are considered excellent and can earn you the best possible loan options.
  19. Canada has one of the most expensive housing markets in the world (but it’s more expensive to buy in Belgium).
  20. In 2015, Canadians had managed to pay off 70 percent of their mortgages.
  21. Currently Canadians preference is towards fixed rate mortgages and not variable ones.
  22. To purchase a home in Canada you must put down at least 5 percent as a down payment.
  23. To avoid paying for CMHC insurance you need to pay for at least 20 percent in your down payment.
  24. By paying your mortgage biweekly instead of twice a month you can expect to own your home around four years faster on your 25 year mortgage.
  25. Peel region is currently trending for first time buyers.
  26. It’s estimated that two-thirds of first time home buyers in Canada are age 35 and under.
  27. Twenty-nine condo launches are expected in 2017.
  28. A hundred and thirty-one condos are expected to be completed and “move in ready” in 2017.
  29. Condo prices in Toronto have gone up 10 percent year over year.
  30. It’s estimated that 2,800,000 new residents will be living in the GTA over the next 25 years.
  31. Number crunching shows us that for every 1,000 people living in Toronto, 11 homes are currently being built.
  32. High end forecasts for 2017 GTA home sales was set at over 115,000 sales, but only time will tell.
  33. Most buyers in 2017 plan to put at least 20 percent down as their down payment.
  34. Trending in rental markets show that when home prices increases, rent increases will usually slow.
  35. 21,630 homes were listed for sale in Toronto in April.
  36. Some of what caused a drop in real estate sales in April was that there were fewer working days in 2017 for sales to be processed.
  37. April saw 33.6 more homes listed for sale compared to April 2016.
  38. The average number of days a house stayed on the market in April was 9.
  39. 10,196 real estate sales were reported in the GTA in May 2017.
  40. Currently (at the time of publication) homes remain on the market for an average of 12 days.
  41. Listings are currently selling at 104 percent of asking price.
  42. Can’t find the right home here?  Rumour has it you can purchase an acre of land on the moon for just $30.
  43. The typical size of a home in most developing countries is 75 square feet.
  44. Canadians have the third largest homes in the world compared to other countries.
  45. CMHC has flagged strong evidence of market “over-heating” in Calgary, Hamilton, Saskatoon, Toronto, and Vancouver.
  46. There are currently 2.8 million people living in Toronto.
  47. Around half of Toronto’s population was born outside of Canada.
  48. Toronto is the fourth largest city in North America.
  49. Some have projected that in the next few years Toronto will have the most number of high rise condos in the entire world.
  50. Toronto’s street car system in the Western world (so get your Metrolinx pass today)

 

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