Canada’s largest real estate market ended 2020 on a strong note, as property sales in Toronto soared to new records, while the condo market finally got a revival after months of stagnation.
According to the Toronto Regional Real Estate Board (TRREB), there were a total of 95,000 home sales in the Greater Toronto Area (GTA) in 2020 – the third best year on record. Likewise, average selling prices also reached a new record, soaring to nearly $930,000 by the end of the year.
The GTA real estate market finished off the year robustly, with home sales surging by 64.5% on a year-over-year basis in December, as a total of 7,180 properties traded owners. The average selling price for homes in this region also saw a substantial increase compared to the same period a year prior, rising by 11.2% to $932,222. A large portion of the GTA real estate market’s strong momentum has been the demand for detached homes, which according to TRREB have been the hottest properties throughout the pandemic.
Sales of detached homes in the GTA climbed by 54.6% on a year-over-year basis, while the average selling price escalated by 17.7% to $1.24 million. However, it was not just the detached homes category that was the subject of elevated activity: the GTA condo market – after three consecutive months of declining sales – finally saw an uptick in activity in December. Condo sales soared by 75.4% on a year-over-year basis, as a total of 2,193 units were sold. Despite the positive increase in sales activity, condo prices still remained subdued. In the City of Toronto, the average selling price dropped by 4.7% relative to December 2019.
Information for this briefing was found via TRREB. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.