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I read this article in the Star and if I wasn't on vacation I'd go deeper into why I didn't like the analysis. If you follow me, you may know I track Sold Over Asking on a monthly basis (charts in this thread). My main beef... /1 https://www.thestar.com/news/gta/2019/11/25/how-many-toronto-homes-sell-for-over-asking-a-study-of-west-downtown-finds-that-most-dont.html
is that Condos act way differently than Freeholds (lowrise). Here's Freeholds, which are at 38% SOA this year, Oct YTD. That's up from last year but down from recent years. Recent Oct YTD numbers:
2015: 48%
2016: 61%
2017: 53%
2018: 34%
2019: 38% /2
2015: 48%
2016: 61%
2017: 53%
2018: 34%
2019: 38% /2
And here's for Condos, sitting at 27% YTD, slightly below last year. Can see that beginning of year started out colder than last year, but last 3 months hotter. SOA is recent phenomenon with condos, taking off in 2016. Oct YTD:
2015: 12%
2016: 20%
2017: 48%
2018: 28%
2019: 27% /3
2015: 12%
2016: 20%
2017: 48%
2018: 28%
2019: 27% /3
In the @idragovic26 (who I still think is worth a follow), condo and freehold are combined, so obviously going to skew results in a place like Bay St Corridor (lots of condos, low number) vs. Trinity Bellwoods (mostly houses). I also thought his headline off the bat was weak. /4
Like, of course the list price has something to do with prices selling over asking - because that's HOW IT WORKS! People list at an artificially low price, hold offers, and it sells for more. /5
Here's his whole thread:
https://twitter.com/idragovic26/status/1196511676616650752
I did like the chart where he breaks out by type (mine combines detached/semi/row, which is 65% detached, and condo apt and town, which is 90% apt). Also, he only looked at C01 (right DT, HEAVILY condos) mine all 416. /6
https://twitter.com/idragovic26/status/1196511676616650752
I did like the chart where he breaks out by type (mine combines detached/semi/row, which is 65% detached, and condo apt and town, which is 90% apt). Also, he only looked at C01 (right DT, HEAVILY condos) mine all 416. /6
Makes sense detached least SOA because most expensive. You don't have bidding wars on $6M homes because tiny buyer pool. I discounted his sqft analysis too because it's a garbage-in, garbage out thing and sqft not required on lowrise and often exaggerated for condos. /7
But like I said, I think Igor is still worth a follow. He just had an interesting thread on Toronto visitor stats. Cc'ing Star article writer @donovanvincent on this thread. /8
