At the end of August, The Supreme Court of Canada refused to hear an appeal from the Toronto Real Estate Board (TREB), who wanted to prevent brokerages from publishing real estate sold price data online. The court’s decision was a big win for the freedom of information, innovation in the real estate industry, and for buyers and sellers like you. But now that the data is available, how do you use price history data in your search?
Condo sales data gives you the ‘historical picture’ of condo buildings and units
Knowing the condo price history of a unit gives you an instant comparable price to use as a benchmark when trying to figure out the market value of the unit. Price-per-square foot (PSF) is useful, but it’s more helpful when comparing separate units or different buildings. Having the condo price history for a single unit lets you compare the value of the unit with itself.
Now that condo and house price history data is available on password protected websites such as Condos.ca, you can couple that information with the data and analysis we already offer. A keen buyer can combine condo price history with PSF data to pin-point what the price range of the condo should be today. You can see what it sold for previously and measure that against building and neighbourhood value growth. Is the listing overpriced or is it a great value?
The price history of condo buildings across the GTA
As soon as the Supreme Court announced its ruling, brokerages and members of TREB rushed to release condo and house price history data. That’s great, get the information out there to buyers and sellers, but now that everyone is talking about Toronto house price history and Toronto condo price history, what does it actually mean? And how do you use the data to help in your home search?
Early on in 2018, it was our expectation that TREB would be pushed to publicly publish its housing market sales data. For the past thirty to forty years, TREB has compiled comprehensive residential real estate market data, including final sold prices for individual houses and condos in Toronto. Now that the public has access to this data, we are more interested in helping people understand how to use it.
We can’t speak for other brokerages, but at Condos.ca we have worked for the better part of six months to create a comprehensive condo price history feature equal to our standards of PSF and open data analysis.
How do you use Toronto condo and house price history?
At Condos.ca, every condo building has a table of recent transactions and leases going back up to ten years. As a buyer or seller, you can see the impact of floor level, parking, and other variables in a specific location, if the building has a lot of rental turnover, or how often suites go up for sale. If you’ve got your heart set on a building, historical condo data might reveal that units there hardly ever hit the market, saving you time and grief. Conversely, a building might have too many sales, or prices stalled relative to its neighbours.
In addition to that, you can open up any new condo listing page and view that specific listing’s past sales history. Given the rapid growth and condo development in Toronto, there are many young buildings and units with little to no sale price history, but that will change over time. Sales data won’t tell you the “why,” but a Condo Pro will. Which brings us to an important point.
Historical sales data has its limits
Condo sales data makes the market more transparent, but no property’s value is ever as simple as a price tag. There are variables that come into play that can affect the price of Toronto condos that are more difficult to put value on, such as neighbourhood, outdoor space, parking, unique features, building age, and any renovations or upgrades made to the property.
Get started with condo price history data insights:
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When researching a condo listing, combining the condo sale price history with current PSF analysis will give you an incomparable advantage when assessing the value of that condo today. Of course, data isn’t everything. As we mentioned earlier, there will still be other variables in the full value of the property, and it’s at that point where the expertise of a Condo Pro is still vital in making the right decision.