It may not be the prettiest blog, but Real Estate Charts is a great resource for Torontonians interested in real estate—and really, who isn’t?
The blog pulls daily data from the Toronto Real Estate Board’s MLS system to generate heat maps based on sales. I can’t think of a better way to visualize Toronto’s real estate market. For interested buyers, the maps provide an easy way to estimate whether you’ll likely pay under or over asking price, based on what and where you’re looking to buy.
Let’s take a look. I’ve pulled three different maps generated for Aug. 1. In the bubbles below, positive numbers represent sales made over the asking price; negative numbers are for sales that went under asking. For example, 5 means the home sold 5% over, while -2 indicates it sold 2% under.
We’ll start with sales of single-family homes in the 416—a.k.a. Toronto proper. Unsurprisingly, the most expensive homes are in mid and north Toronto. The average sale price throughout the city was a whopping $866,326. Interestingly, compared to homes in the suburbs and condos, Toronto homes are far more likely to be sold over asking price (yesterday, 33 were sold under, 23 were sold over and five were sold at asking). Looking at the map, we can drill down the story even further. The houses going over asking are mostly in west Toronto, near High Park and the Junction. Apparently, it’s the place to be.
Now, let’s look at sales in the 905—the commuter cities. Overwhelmingly, houses in the suburbs are sold under asking price: yesterday, 148 were, compared to 15 sold over asking and 28 sold at asking. The houses here are also much cheaper (although not cheap), the chief exception being Oakville near the water. No surprise there. The average price in the 905 was $598,708.
And lastly, condos. For these, the heat map looks at both Toronto and its surrounding suburbs. Condos are most likely to be sold under asking price: 98 were sold under, seven were sold over and six were sold at asking. Before the condo bears cry victory, remember these numbers are still pretty comparable to single-family home sales in the suburbs. Only home sales in Toronto proper have a meaningful edge. In the 416, the average condo sold for $366,532; in the 905, $288,604. But looking at the map, downtown Toronto is in a price league of its own.
Pretty neat, eh? If you’re on the Toronto market, it’s a good place to start. Check out the site here.