Benchmark Price: $3,278,500 Minimum Required Income: $69,592 If you want to sell your detached home fast, Newmarket, youre in the right York Region municipality, according to a report released today by real estate website Zoocasa. All 25 markets included in our analysis exhibited competition conditions that strongly favoured sellers over buyers. Fortunately, Lauren Haw, CEO of Zoocasa, has addressed these concerns and more in her 2021 housing market trends report. Income Gap: $38,561, 1 Maple Ridge Minimum Required Income: $121,780 Of the 25 regions included in our analysis, fiery hot demand coupled with limited inventory resulted in very competitive housing conditions for home buyers in 8 regions, where the SNLR was over 100%. SNLR is calculated by dividing sales by new listings for a specified time period, and: Our findings show that given historically low supply in relation to demand, the Canadian housing market as a whole overwhelmingly favoured sellers, with an SNLR of 90%. Actual Median Income: $89,808 Housing market activity remained at historically high levels across Canada, based on new data from the Canadian Real Estate Association (CREA). When was Zoocasa founded?. Search Sold Listings To understand how buyers and sellers in Canadas major housing markets fared this fall, Zoocasa took a closer look at housing competition across 25 Canadian housing markets by reviewing sales and new listings data for each region for the month of November. From condo-dense markets seeing an uptick in rental demand to READ: Royal LePage Now Forecasting GTA Home Prices to Rise 4% in 2020. Following years of historically low vacancy rates, Torontos rental market saw a surge of new listings throughout the second quarter of the year as a result of the COVID-19 pandemic. Contact Us, 2015 - 2020 Zoocasa Realty Inc., Brokerage. This report analyzes sales history between February 11 - March 11 and compares it against the same period in 2020. According to CREA Senior Economist, Sean Cathcart, 2020 is on track to be a historic year for Canadian home sales, despite historically low supply. Looking to 2021, Cathcart notes that vaccination is a light at the end of the tunnel. Minimum Required Income: $389,468 Income Gap: $299,660, 3 Richmond For more information about this report or to set up a media interview, please contact[emailprotected]. Income Gap: $52,292, 3 Burnaby East Canadian real estate website Zoocasa says Ontarios housing market overall can be considered balanced with a sales-to-new listings ratio (SNLR) of 56%.. Torontos market closely aligned with the provincial average, with a balanced market with an SNLR of 57%. Income Surplus: $14,361, 5 North Surrey Benchmark Price: $433,100 And, according to a new report from Zoocasa, the average home price in nine Ontario housing markets rose over $100,000 annually last month. When not keeping an eye on Toronto's hot housing market, she can be found brunching in one of the city's many vibrant neighbourhoods, travelling abroad, or in the dance studio. Minimum Required Income: $132,652 "The market is expected to move towards more balanced conditions, but the transition will likely take most of the year," the report said. Actual Median Income: $84,096 Minimum Required Income: $64,638 Benchmark Price: $685,500 The income required to afford an apartment assumes a 20% down payment, heating costs of $50/month and condo fees of $250/month. 1 Vancouver West Minimum Required Income: $103,298 According to Zoocasa, within the Greater Toronto Area (GTA), 14 out of 19 cities are currently sellers markets, the remaining five are balanced. Benchmark Price: $471,700 Zoocasa says when the SNLR is between 40%60% it indicates a balanced market, anything above and below that threshold reveals sellers and buyers markets, respectively. For buyers who aspire to own a detached house, this gap is staggering, even in the most affordableVancouver MLSmarkets; for example, a Maple Ridge household that earns the median of $86,178 would still be $35,602 short for a detached house purchase. Actual Median Income: $86,178 Income Gap: $47,428, 4 Richmond iOS App Zoocasa headquarters is located at 184 Front St E #402, Toronto.. Where are Zoocasa Actual Median Income: $89,808 She has a wealth of experience as a communications leader, having worked with Canadian and global companies in the real estate, financial services, and tech sectors. Minimum Required Income: $64,463 Income Gap: $159,458, 1 Maple Ridge Benchmark Price: $1,649,700 Meanwhile, the number of condos leased during the same period dropped by 25 percent. On the whole, the 15% growth in new listings couldnt quite keep up with blockbuster demand, and some regional markets like Calgary (-8%) and Edmonton (-2%) even experienced annual new listing declines. Via Zoocasa. Minimum Required Income: $131,506 Actual Median Income: $65,327 & Nbsp; Data-reactid = 33 > But a new Zoocasa report shows that prices on the countrys largest market have fallen. The report by at Zoocasa, a Toronto-based real estate brokerage firm, looked at whether people earning the median income in 15 markets would qualify for a mortgage for an average-priced home. "B.C. Halifax has become a sellers market, real-estate wise, after being a balanced market a year ago, according to a report released this week. One of the best real estate apps in Canada and the GTA (Greater Toronto Area) featuring local listings and sold data back to 2003. Minimum Required Income: $140,877 For a region to truly be considered affordable, home prices must also be in line with the incomes earned by local residents a very tall order in markets like Vancouver, where starter houses have well surpassed the $1-million mark. Some of the pressure from pent-up demand was released this summer when pandemic restrictions eased, Toronto Storeys said in its report on the Zoocasa analysis. Minimum Required Income: $56,428 Minimum Required Income: $228,110 iOS App Benchmark Price: $1,010,200 Search MLS Listings 2018 Housing Trends Report: Aspirations & Obstacles A second report focusing on general sentiments towards real estate and the home buying process (released late April 2018) Methodology The results of this report are based on an online survey conducted by Zoocasa in March 2018. Actual Median Income: $92,300 In a new report from Zoocasa, out this week, we found that in 30 of 35 major Ontario housing markets, housing competition conditions strongly favour sellers. Dont miss important real estate news, and buying & selling tips: sign up here. Minimum Required Income: $137,548 This required income was then compared to the actual median household incomes in each region, which were sourced from Statistics Canada, highlighting the income gap that exists between current home values and incomes. Frequently Asked Questions. The Zoocasa survey shows that 67 per cent of respondents agreed that real estate is a better investment than a high-interest savings account, and 60 per cent agreed that real estate is a better investment than the stock market, while 25 per cent agreed that real estate is a better investment than an MBA or post-graduate degree. Penelope Graham is the Managing Editor at Zoocasa, and has over a decade of experience covering real estate, mortgage, and personal finance topics. Find an Agent Income Gap: $40,352, 3 Pitt Meadows According to Zoocasa, the global pandemic has had a profound short-term impact on housing in the area. Benchmark Price: $949,900 Real estate affordability continues to be a hot-button issue for home buyers in Canadas most expensive markets but whether or not a home is financially feasible goes beyond a low average home price. Join 120,000+ knowledgeable subscribers. Benchmark Price: $870,200 Furthermore, almost a quarter of home owners felt that real estate market conditions made them consider selling their homes. Another crucial factor was logistical access. Income Surplus: $13,031. In fact, according to new data compiled by Zoocasa, there isnt a single market across Metro Vancouver where a household earning the median income can afford houses for sale and only seven where they could purchase a strata apartment. Minimum Required Income: $224,195 Minimum Required Income: $167,738 The Zoocasa report did not delve into price changes, and it only looks at a small slice of the market. With this data, Zoocasa determined the sales-to-new-listings ratio (SNLR) to illustrate demand and supply dynamics in each market, and to identify the degree of competition local buyers faced in relation to supply. Search MLS Listings Comparatively, in 2019, 19 of these 25 markets were sellers markets, with the remainder exhibiting balanced market conditions, and the national SNLR was 79%. Dont miss important real estate news, and buying & selling tips: sign up here. Search Sold Listings The full list of Canadian regions with an SNLR over 100% were: Sudbury (SNLR of 117%), Saint John (SNLR of 110%), Gatineau (SNLR of 110%), London and St. Thomas (SNLR of 109%), Halifax-Dartmouth (SNLR of 108%) Thunder Bay (SNLR of 106%), Niagara Region (SNLR of 106%), and Victoria (SNLR of 101%). On top of that, the COVID-related shake-up to so much of daily life will likely continue to result in more people choosing to pull up stakes and move around.. 5 Housing Market Trends to Watch for In Canada in 2021, 35 Ontario Cities Ranked: Most and Least Competitive Real Estate Markets, 7 of the Cheapest Toronto Condos Currently Listed for Sale Under $399,999, 32% of Buyers Purchased Property Further Than Previously Considered: Ontario Survey, 7 Houses Under $699,000 For Sale in Mississauga, 7 Houses Currently For Sale in Toronto Under $699,900, Here Are Canadian Regions With Below Average Home Prices And The Homes You Can Buy There. That meant that demand was much higher than new listings and buyers began to purchase properties that were listed prior to November. home sales continue at a slower pace compared to last year," said Cameron Muir, the chief economist at the British Columbia Real Estate Association, in a recent market report. Benchmark Price: $1,669,900 Income Surplus: $27,662, 3 Ladner According to Zoocasa, nine Ontario regions topped the list for seeing the highest dollar growth in home prices in June. Contact Us, 2015 - 2020 Zoocasa Realty Inc., Brokerage. A new study of the Kitchener-Waterloo real estate market shows that at least half of the neighbourhoods in the two cities are within the realm of affordability to own a freehold home. Unsurprisingly, Vancouver was not only ranked the most expensive housing market in Canada, but also the second most expensive in all of North America. Don't miss important real estate news, and buying & selling tips. Income Gap: $44,594, 4 Bowen Island Oakville is the hottest real estate market in Ontario, according to Zoocasa.. Join 110,000+ weekly subscribers. Join 120,000+ knowledgeable subscribers. Home prices, sales and new listings were sourced from the Canadian Real Estate Association. Home sales grew 30% in Saint John, while new listings increased 12%. In an effort to better understand "the extent to which condo buyers and sellers were impacted by market shifts caused by the pandemic," Canadian real estate and analysis firm Zoocasa Minimum Required Income: $230,866 Actual Median Income: $90,709 Income Surplus: $21,117, 4 Port Coquitlam Find an Agent Torontos housing market is slowly recovering but still has not reached the peak levels seen in 2016 and 2017. Around 66% of respondents said that being located in an area readily accessible to online deliveries is now more important than before, while 55% said so for grocery delivery, and 49% for food delivery/take-out. Her commentary on the housing market is frequently featured on both national and local media outlets including BNN Bloomberg, CBC, The Toronto Star, National Post, and The Huffington Post. Move over Toronto. Jannine is Zoocasas Head of Communications, and is responsible for ensuring the brokerages brand and reputation are always in sync. Canadas most competitive housing market for buyers was Sudbury, with an SNLR of 117%, where November sales grew 26% year-over-year while listings dropped by 10%. Benchmark Price: $825,000 Actual Median Income: $64,737 Check out the infographic below to see which Canadian housing markets were most and least competitive in November, and how they compared to the same time period in 2019. Benchmark Price: $2,832,600 With a Zoopraisal() you can understand market value for a property in seconds. In Metro Vancouvers most expensive market, Vancouver West, this gap is a gargantuan $384,965. Actual Median Income: $77,494 2018 Housing Trends Report: Owner & Buyer Outlooks A second report focusing on general sentiments towards real estate and the home buying process (to be released at the end of April 2018) Methodology The results of this report are based on an online survey conducted by Zoocasa in March 2018. He said median prices for condominiums fell $ 65,000 (10%) between February and April to $ 574,000. Benchmark Price: $941,500 The report compares days on the market activity for the regions nine municipalities and how those statistics have changed from October 2016 to October 2019. Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions. That being said, the average home price in both regions remained under $350,000 with Saint John at $209,702 (up 9% from 2019) and Gatineau at $345,099 (up 21% from 2019) making them one of the most affordable housing markets in Canada based on average price. The income required to afford a benchmark detached home assumes a 20% down payment and assumes heating costs of $100/month. Income Gap: $35,602, 2 North Delta Income Gap: $47,692, 5 Ladner Actual Median Income: $86,912 Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions. Actual Median Income: $89,856 RELATED: Top Realtors Predict What 2021 Has in Store for the Toronto Real Estate Market. Housing Competition Strongly Favours Sellers in 25 Major Housing Markets Across Canada: REPORT, 35 Ontario Cities Ranked: Most and Least Competitive Real Estate Markets, Ontario Cities with the Highest and Lowest Property Tax Rates [REPORT], 7 of the Cheapest Toronto Condos Currently Listed for Sale Under $399,999, 32% of Buyers Purchased Property Further Than Previously Considered: Ontario Survey, 7 Houses Under $699,000 For Sale in Mississauga, 7 Houses Currently For Sale in Toronto Under $699,900, Here Are Canadian Regions With Below Average Home Prices And The Homes You Can Buy There. Actual Median Income: $64,737 Home prices rose in both regions on an annual basis rising 8% in Greater Vancouver to $1,084,001 and 21% in Hamilton-Burlington to $724,730. Benchmark apartment and detached house prices for each region were sourced from the Real Estate Board of Greater Vancouver and Fraser Valley Real Estate Board for August 2018. Actual Median Income: $65,327 Zoocasa, the online real estate brokerage owned by Rogers Communications Inc., has become the latest to bow to renewed pressure to stop publishing highly coveted data on home sales. Benchmark Price: $374,200 Benchmark Price: $432,400 Actual Median Income: $57,779 Actual Median Income: $57,779 Actual Median Income: $64,737 In turn, the numbers recorded in March demonstrate there has been a noticeable shift in market conditions in a very short period of time. In a recent market report, Toronto-based brokerage Zoocasa found that condo rental listings grew by 45 percent year-over-year in the City of Toronto during Q2 2020. Benchmark Price: $470,700 Her commentary on the housing market is frequently featured on both national and local media outlets including BNN Bloomberg, CBC, The Toronto Star, National Post, and The Huffington Post. Income Gap: $160,991, 5 Burnaby South Android App By: Zoocasa. With Zoocasa you have access to over 100,000+ MLS listings, exclusive school and neighbourhood information plus our powerful appraisal tool. Income Gap: $384,965, 2 West Vancouver Minimum Required Income: $98,892 Penelope Graham is the Managing Editor at Zoocasa, and has over a decade of experience covering real estate, mortgage, and personal finance topics. was produced by real estate company Zoocasa. Benchmark Price: $717,800 Minimum Required Income: $112,165 Android App Zoocasas new report shows that prices in the countrys largest market have declined. The survey had a sample size of 1,431 respondents who live in Canada. Benchmark Price: $984,800 Zoocasa has 104 employees.. Who are Zoocasa competitors?. Income Gap: $41,113, 5 Burnaby South Immigration and population growth will ramp back up, mortgage rates are expected to continue to remain very low, and a place to call home is more important than ever. The average sold home price in the region was $955,615. Home sales grew 32% year-over-year, and home prices rose 14% annually to $603,344. In a report published December 10, the real estate blog ranked the Minimum Required Income: $117,922 Join 110,000+ weekly subscribers. Some of Canadas largest housing markets, including Greater Toronto, were among those that were less competitive for buyers in November 2020, compared to last year. To assess home buyer affordability across the Metro Vancouver region, Zoocasa analyzed the benchmark detached house and apartment prices, as well as the minimum income required to purchase and carry such a property, in 21 markets. A new report from Zoocasa looked at 28 housing markets in Ontario and compared median household incomes to the average housing prices as of August 2018, Infographic courtesy of Zoocasa. Similarly, in Greater Vancouver, the SNLR dropped from 83% in 2019 to 75% this November, and in Hamilton-Burlington it declined slightly from 94% to 93%. Toronto has turned into a buyers market amid the citys COVID-19 outbreak. Although Greater Toronto, Greater Vancouver, and Hamilton-Burlington exhibited strong sellers market conditions, the SNLR declined on a y-o-y basis. Actual Median Income: $67,119 Don't miss important real estate news, and buying & selling tips. However, those who wish to purchase an apartment on a median income do have some options to choose from. In Greater Toronto, the SNLR was 76% (down from 82% in 2019), with sales growing 24% and new listings rising 34%. Income Gap: $173,087, 4 North Vancouver Actual Median Income: $92,300 Check out the infographics below to see which Metro Vancouver markets are the most (and least) aligned with incomes for both apartmentsand detached homes. The sales-to-new-listings ratio is calculated as the number of sales divided by new listings. Income Gap: $77,930, 2 Vancouver West A new report provides an updated account on how Ontarios housing market is appealing to buyers and sellers. Outside of the GTA, all 16 cities were in the sellers market territory, while no cities in the report were listed as buyers markets. A new market report released by Zoocasa today highlights a significant upswing in June for both resale and rental listings in 10 downtown Toronto condo buildings known to be Airbnb-friendly. Minimum Required Income: $69,782 Actual Median Income: $86,178 Income Surplus: $29,750, 2 North Delta "Vancouver real estate, Canadas most expensive housing market, places second overall in terms of unaffordability with an income gap of $74,825 ($99,517 CAD), compared to a median income of $49,118 ($65,327 CAD)," reads the report. Benchmark Price: $1,621,000 Competitors of Zoocasa include Nomad Homes, RE/MAX Camosun and Immobiliare.. Where is Zoocasa headquarters?. In a recent market report, Toronto-based brokerage Zoocasa found that condo rental listings grew by 45 percent year-over-year in the City of Toronto during Q2 2020. Saint John and Gatineau followed next, each with an SNLR of 110%. Benchmark Price: $1,190,200 Home sales grew 32% year-over-year, and home prices rose 14% annually to $603,344. Along with all these real estate statistics is a ranking of every city in the Greater Toronto area based on their home sold price, price growth, days on market, and turnover. Actual Median Income: $90,709 Minimum Required Income: $450,292 Zoocasa was founded in 2008.. How many employees does Zoocasa have?. Housing market activity remained at historically high levels across Canada, based on new data from the Canadian Real Estate Association (CREA). Benchmark Price: $782,800 Income Gap: $50,168, 1 West Vancouver Zoocasa.