Despite an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy, Greater Toronto Area REALTORS® reported over 95,000 home
Prices up 11.2% and Sales up 64.5% Across Greater Toronto in December
Dated: January 29 2021
Despite an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy, Greater Toronto Area REALTORS® reported over 95,000 home sales in 2020 – the third-best result on record. The average selling price reached a new record of almost $930,000.
“The Greater Toronto Area housing market followed an unfamiliar path in 2020. Following the steep COVID-induced drop-off in demand during the spring, home sales roared back to record levels throughout the summer and fall. A strong economic rebound in many sectors of the economy, ultra-low borrowing costs and the enhanced use of technology for virtual open houses and showings fuelled and sustained the housing market recovery,” said Lisa Patel, Toronto Regional Real Estate Board (TRREB) President.
Highlights from 2020 include:
- 95,151 sales were reported through TRREB’s MLS® System – up by 8.4 per cent compared to 2019. This included a record result for the month of December, with 7,180 sales – a year-over-year increase of 64.5 per cent.
- Year-over-year sales growth was strongest in the GTA regions surrounding Toronto, particularly for single-family home types.
- The average selling price reached a new record of $929,699 – up by 13.5 per cent compared to 2019. This included an average price of $932,222 in December – a year-over-year increase of 11.2 per cent. The strongest average price growth was experienced for single-family home types in the suburban regions of the GTA.
- After a pronounced dip in market activity between mid-March and the end of May, market conditions improved dramatically in the second half of the year, with multiple consecutive months of record sales and average selling prices.
“While the housing market as a whole recovered strongly in 2020, there was a dichotomy between the single-family market segments and the condominium apartment segment. The supply of single-family homes remained constrained resulting in strong competition between buyers and double-digit price increases. In contrast, growth in condo listings far-outstripped growth in sales. Increased choice for condo buyers ultimately led to more bargaining power and a year-over-year dip in average condo selling prices during the last few months of the year,” said Jason Mercer, TRREB Chief Market Analyst.
CLICK HERE to download the full December 2020 Toronto Regional Real Estate Board Market Update.
About the Toronto Regional Real Estate Board
The Toronto Regional Real Estate Board was founded in 1920 by a small group of real estate practitioners. Today, as Canada's largest real estate board, TREB serves more than 56,000 Members.
Toronto Regional Real Estate Board REALTORS® are passionate about their work. They're highly trained experts who have all the tools and skills to help you buy or sell your home.
They're marketing professionals who know how to make your home more saleable. And they know what questions to ask when you're considering buying a home.
They're up to date on the most current market conditions so they can counsel you through all the important decisions. And they negotiate for you to maximize your return. Get peace of mind with a real estate professional.
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About Akbar Mubarak
My relationship approach to real estate is what my clients love and what differentiates me from the rest. I take the time to listen to and communicate with you to identify your needs and wants and to help you focus on both the business and the emotional issues that are important to you. We will make the whole process smooth, fun and memorable.
I am as passionate about helping first-time buyers or relocating families find their first home in the neighbourhood as I am about helping repeat clients and investors fulfill their goals. Having lived in the Toronto area for many years, I am intimately familiar with the Annex, Yorkville, Dufferin Grove, Harbor Front, Distillery District and surrounding areas as these are the neighborhoods where I have lived, owned property, work and play, but if you have another area of interest in the GTA, let’s talk!
A strong negotiator and experienced marketer, I work both hard and smart to provide you with the right information to make you feel comfortable in making an informed and feel good decision. I have a keen eye for design and decorating, and can quickly see a home's potential that may have been overlooked. I am often able to suggest small changes that can have a big impact on both buyers and sellers looking to get the most value for their home.
As your loyal and dedicated real estate agent I can provide you with a full level of services and be confident with the idea of being knowledgeable, ethical and transparent. I take great pride in the speed and accuracy of my work. The referral of your friends and family is the greatest complement you can give me. Thank you for your trust. Looking forward to working with you!
My relationship approach to real estate is what my clients love and what differentiates me from the rest. I take the time to listen to and communicate with you to identify your needs and wants and to ....
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