Toronto tops for speedy home sales: How does your city measure up?
Calgary might have the hottest housing market in the country right now, and Vancouverās might be the priciest, but Toronto is tops when it comes to the speed with which homes are selling.
The homes that sold in the Toronto area last month were on the market for an average of 20 days. Homes that sold in and around Calgary, in contrast, were on the market for an average of 34 days before they sold.
In other markets homes generally take longer to sell. The average number of days on the market for homes in Greater Vancouver that sold in April was 43. Homes in Ottawa are taking an average of 45 days to sell. Edmonton homes were on the market an average of 42 days, in Regina 34 days.
In Montreal, single family homes were taking a whopping 91 days to sell, while condos were taking an average of 113 days.
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Toronto, Vancouver, Calgary rated tops for real estate investment
All 3 tops for āresilienceā and growth potential, says U.K. report
Canadian cities ā and Toronto in particular ā are exceptionally good real estate destinations in the long term, according to a new report from a London-based real estate firm.
Toronto, Vancouver and Calgary have been ranked as the three best places out of 50 cities around the world in terms of where best to invest in real estate for the long term, according to a centuries-old London real estate firm.
Their star ranking doesnāt come so much from short-term metrics like return on investment, but their longer term āresilienceā ā a stellar combination of ālow vulnerability and high adaptive capacity,ā says the unusual report, more than three years in the making, by the U.K.-basedĀ Grosvenor Group.
Adding to that ability to rise above the cyclical ups and downs of the real estate market is the fact all three Canadian cities have a āhigh level of resource availabilityā and āare well governed and well planned.ā
In fact, they beat out London, New York and even Chicago, ranked as No. 4, for their strong investment potential over the coming decades.
āThese Canadian cities have a great deal of economic dynamism,ā said group research director and economist Richard Barkham, in a telephone interview from Vancouver where heāll be discussing the research findings later this week at an Urban Land Institute conference.
āA lot of people just look at real estate investments in terms of short-term risk and return on investment. But we believe you need to look beyond that ā to look at cities holistically in terms of their ability to adapt and improve.
āIn the round, Canadian cities ā and Toronto in particular ā are exceptionally good real estate destinations in the long term.ā
Cities currently the most popular with investors, such as New York and London, āare not necessarily those that will protect capital in the long term, the report notes.
Grosvenor, a privately-owned company with investment and development offices in 19 world cities, including Vancouver, has heard the talk about aĀ Canadian housing bubble, concerns aboutĀ condo overbuildingĀ and Toronto Mayor Rob Fordās ongoing extracurricular activities, Barkham said.
Researchers are aware of theĀ challenges around transit in the GTA, a transportation system they still rate as great compared to many other cities in the world.
āWeāre taking a longer term view of cities. You can clearly get local issues and characters that can create problems in a very short-term sense.ā
And while Toronto house prices continue toĀ climb out of sight, they lag well behind cities like London, which came in 18th in the resiliency rankings, in part because itās now so prohibitively expensive.
New York was 14th: While it topped all 50 cities at āadaptive capacityā ā for its sheer comeback ability in the face of major disasters like 9/11 and Hurricane Sandy ā it suffered because of crime, lack of infrastructure investment, its vulnerability to extreme weather and āsocial exclusion.ā
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