[Real Data] Ben Myers Explains the State of the Toronto Real Estate Market Better than Anyone Ever Has.
Want to understand the Toronto Real Estate Market?
Ben Myers of Bullpen Consulting dropped some serious data in an epic Twitter thread yesterday that I was compelled to share with you. Ben started off by asking three very important questions.
Questions that have many ‘answers’ floating around in the ether but most are incorrect, myths or flat out lies. Data so powerful that even Garth Turner might start to come around.
I’d like to note that none of the following work is mine. All words and data come from Ben Myers at bullpen consulting. Please follow Ben Myers on Twitter and check in with him at Bullpen Consulting to connect with him.
You can read the thread directly on twitter or continue below.
We’re building a lot of housing, so we must be building enough housing. True?
We’re in a building boom and prices are still going up, so supply must not be the answer. True?
We’re building more housing in the Toronto CMA (Census Metropolitan Area). True?
Chances are you’re never going to change your mind as it relates to the first two questions, you have your priors and nothing I say or anyone else says is going to change that. Data be damned, it just feels like it!
However, I just wanted to comment on #3 in the above. Between 1990 and 2019, the Toronto CMA has built just under 32,000 new housing units on average per year based on completions data from CMHC. The CMA has topped that long-run average in 4 of the last 5 years.