We laid a lot of interesting facts on you in part one of this series, but there’s a lot more to learn about the local real estate scene. With Canada’s 150th birthday coming up let’s celebrate with some Toronto based and Canadian housing and real estate trivia.

Here are another 50 facts for part two:

  1. In 2017, MoneySense named Guelph, Ontario as the top city to buy in Canada
  2. Toronto ranked 23 on the same list.
  3. For those who work in the city and don’t mind a bit of a commute, spot 2 went to Durham/Oshawa, 3 to Brantford.
  4. The average price of Canadian home has increased by 40 to 50 percent in a lot of the country since 2006.
  5. Deutsche Bank has warned customers that homes may be over-valued by almost two-third of the price.
  6. Two things that convince most people to purchase their first home include the master bathroom and walk in closet.
  7. A swimming pool is often considered the least important factor to most people purchasing a home.
  8. In Windsor, Ontario housing prices increased by over 20 percent last year.
  9. Currently, Nationwide, household debt-to-income ratio, including mortgages, is at 167.3 per cent.
  10. Housing prices used to grow with the standard inflation rate, which not too long ago was 1.5 per cent between 2008 and 2015 because of slow economic growth, but in Canadian cities during the same time period pricing grew between five and seven percent.
  11. The Canadian Mortgage and Housing Corp. recommends that when figuring out mortgage affordability that your monthly housing costs should be no more than 32 percent of your gross income.
  12. Around 3.3 million Canadian households spent 30 percent or more of their total income on housing costs.
  13. Single parent homes and ones that are deemed “non-family” are most likely to pay more than 30 percent of their income towards housing expenses.
  14. Have an RRSP and want to boost your down payment?  First time buyers can draw up to $25,000 from your RRSP in a calendar year to get a bigger down payment.
  15. You have up to 15 years to repay this money to your RRSP without interest or penalty.
  16. Typically a house inspection will cost you around $300-$600 depending on the size of the home.  This is money well spent!
  17. In 2015, one in four GTA homes was priced for less than 500K.
  18. In Toronto Spring 2017, MoneySense found the average home price in any neighbourhood was $861,859.
  19. In 2016 the best three places to live in Canada were all in Ontario.
  20. The top places to live based on factors including: city size, weather, low crime, employment opportunity, and housing prices were: Ottawa, Burlington and Oakville.
  21. Toronto ranked a low 43 on the same list.
  22. The lowest ranked cities on the 219 long list were: Cape Breton, Truro, and New Glasgow Nova Scotia.
  23. Toronto is the only city where suburban homes 20 minutes from the city core on average by around 12 percent compared to downtown homes.
  24. In 2017 Ontario and British Columbia have implemented a 15 percent tax for foreign buyers tax in hope of curbing rising home prices.
  25. 82 percent of Baby Boomers surveyed on foreign buyers tax support or strongly support this decision.
  26. Millennials feel slightly different with 69 percent surveyed supporting the tax.
  27. Toronto has proposed new rules for short term rentals like AirBnB with homes rented being required to be a primary residence.
  28. Canada allows for a maximum mortgage amortization of 25 years.
  29. House hunting and hate paperwork?  Hire a mortgage broker, they’ll help keep you organized so you can have more time to focus on other important tasks, like packing and picking out paint swatches.
  30. Checking your credit score has far less importance on your rating than whether or not you pay your bills on time, keep your balances low and maintain a credit history.
  31. With a dedicated effort you can improve your credit score in as little as 6-12 months.
  32. People over 55 years old generally have the best credit scores.
  33. People between ages 18-44 have the lowest credit scores, while scores begin to increase after the age of 45.
  34. CREA’s quarterly report shows, “Trends for the province are softening, with home sales and price growth in the Greater Golden Horseshoe region slowing.”
  35. The national average price in Canada has been forecast to increase by 7.4% to $526,000 in 2017.
  36. Price declines are expected in both Newfoundland and Labrador in 2017.
  37. In 2016, housing affordability reached it’s lowest level since 1990.
  38. Walk ability scores have become an increasing factor in people deciding where they want to live.
  39. Toronto has a walk ability score of 71.
  40. Oakville has a walk ability score of 51.
  41. Mississauga has a walk ability score of 59.
  42. Vancouver is Canada’s most walkable city with a score of 78.
  43. Montreal made it high on the list scoring a 70 in walk ability.
  44. Nearly one third of home owners who bought a home between 2006 and 2011 had a primary household contributor who was 35 years old, or younger.
  45. Around one in five purchasers who bought a home between 2006 and 2011 chose a condominium for their living needs.
  46. A calculation on Numbeo (a website that measures prices in various cities) it would take just over 20 years for a renter to “pay” in rent the price value of that average property in downtown Toronto.
  47. Following the 1990 real estate crash the average house price dropped for six years.
  48. The average home didn’t regain its 1989 value until over a decade later in 2002.
  49. In 2016, the projected tax revenue from the land transfer tax for the year was estimated at $532 million.
  50. The average house price in Canada for May 2017 is $522,601.
Advertisements