Toronto Real Estate Facts You Will Not Believe!
Real estate in Toronto has been changing continuously over years. There is not a topic more challenging and talked about in the financial community than the talk about the Toronto real estate market.
Here are a few facts about the real estate in Toronto that are hard for everyone to believe:
1- According to the Toronto Real Estate Board, there is one realtor for every 140 residents in Toronto. This brings it to a total of more than 39,000 realtors currently working in the real estate business in Toronto alone.
2- By the end of 2014, a survey showed that there were over 56,000 houses under construction in Toronto. That’s a whole lot of condos being built than many popular cities in the world.
3- The price-to-income ratio of real estate in Toronto is found to be 8.9 times according to a survey conducted in 2013. We can only wonder how far gone it has been in these 4 years.
4- We all know that prices of houses have gone sky high but how much exactly? In past 5 years, that average is estimated to have gone up over 50% of the previous prices.