Your Market Report for December 2020
Despite the global pandemic, the GTA saw its third best results on record for home sales in 2020.
The average selling price reached a new record of approximately $930,000, with the bulk of home sales hitting record levels in the summer and fall.
The strong economic rebound in many sectors, combined with ultra low borrowing costs in 2020 brought about the housing market recovery.
After May of this year, the GTA saw market conditions improve dramatically, leading to record sales and record average selling prices in the second half of the year.
Year over year, the sales growth was the strongest in the areas surrounding Toronto.
So, what did the numbers look like?
Houses saw the biggest growth vs. condos in 2020.
In 2020, the number of sales were up +8.4% vs. 2019.
December 2020 alone was a record month with 7,180 sales.
In 2020, the average selling price hit a new record of $929,699, up +13.5% vs. 2019.
The average selling price for December 2020 vs. the previous month (November 2020) increased by 1%.
The # of new listings were up +66.1% vs. December 2019.
The # of day on market for listings were down -14.6% vs. December 2019. Meaning, the average time it took to sell a home on the market in 2020 was down to 35 days, vs. 41 days in 2019.
The GTA Condo Market
Meanwhile, here’s what happened in the Condo market:
The total number of new listings increased. More supply lead to less competition and a dip in the average selling price during the last few months of 2020.
The # of sales were up in the condo segment +10.5% vs. 2019.
The average selling price was down -2% overall for condo apartments in the GTA (Toronto and the 905 areas).
While the entire condo market segment (Condo apartments & condo Townhouses etc.) was up +8.3% for the year (vs. 2019).
What about Rents?
The average rent for a 1 bedroom apartment in Toronto was down 11.1% to $2,012 in 2020, vs. $2,262 in 2019.
For more information regarding these market stats, or stats for your particular area, please don’t hesitate to reach out and ask!
~ Deanna Allegranza
*Source: TRREB Market Watch December 2020