The total value of all Toronto’s residential real estate is now $490.2 billion, according to the latest report from Teranet. That means the value of Toronto’s housing stock is now greater than the market capitalization of Exxon Mobil (XOM.N) when adjusted for currency. In fact, only six publicly-traded companies in the U.S. top the Greater Toronto Area in terms of valuation. Below, a selection of other things worth less than the total value of the nation’s hottest housing market.
The entirety of U.S. government gold reserves:
Forget just looking at Fort Knox: the value of residences in Toronto exceeds the US$345.8 billion ($460.5 billion) book value of the entirety of U.S. gold reserves.
All of the Big Five Banks combined:
In spite of Royal Bank (RY.TO), TD (TD.TO) and Scotiabank (BNS.TO) occupying the three top spots in terms of market cap, Toronto residential real estate easily outstrips the combined $469.9 billion combined market cap of all five big Canadian banks, with enough change leftover to pick up National Bank (NA.TO) to boot.
The entirety of Ontario’s public debt:
Despite the province carrying the world’s largest sub-sovereign debt load, it’s $327.4 billion carrying amount is dwarfed by the Toronto market.
28 top-of-the-line Aircraft Carriers:
Despite its budget ballooning 22 per cent to US$13 billion ($17.3 billion) over the course of its development, you could still buy nearly 30 USS Gerald Ford-class aircraft carriers, if you were so inclined. That would give you a fleet of supercarriers nearly three times as large as that of the U.S. Navy.
230 Space Shuttle Missions:
NASA eventually abandoned the aging space shuttle, after launching 135 flights over the course of its 30-year lifespan. Each flight cost an average of US$1.6 billion that works out to about $213 billion, meaning a sell-off of Toronto’s real estate could realistically fund more missions than the space agency ever launched.