How the Toronto Real Estate Market Shaped up in 2019, and What to Look Forward to in 2020.
2019 was an interesting year, and it looks like 2020 will be a good one. Here’s what you can look forward to as we move into the new year.
Price increases are expected in the Canadian housing market, estimating an average of 3.7 percent for the average residential sale price across Canada.
It is anticipated that Toronto will experience a strong housing market in 2020 with an estimated average price increase is 6 percent. Low unemployment rates, economic growth and improved affordability in the GTA are expected to drive the market forward this year contributing to an expected Sellers Market.
The rate of new construction remains too low to meet the increasing demands of the growing population, which continues to put pressure on the market.
Interest rates and employment/income growth are expected to have the greatest impact on the market this year.
The Niagara region is also showing signs of strong growth. The average residential sale price was up almost 13 percent in 2019, from 2018. Purchasers from the GTA seem to be fueling this, with many choosing to live in the area and commute to Toronto.
2020 is promising to be an incredibly strong year for Southern Ontario thanks to the region’s strong economy, astounding population growth, and ongoing development.
Recapping what happened in Toronto for 2019
🏡 The average selling price was $837,788– up almost 12 % year-over-year vs. December 2018.
🏡 The number of residential sales were up across the Toronto Real Estate Board (TREB) by 17.4%
🏡 For the calendar year, the average selling price in the GTA was up by 4 percent compared to 2018.
🏡 The average selling price of a detached home in the 416 for all of 2019 was up 19.5% for the year, coming in around $1,363,357 (yup, I double-checked and the average selling price of a Detached home in TO in 2018 was $1,145,892).
🏡 The Toronto condo market saw strong gains in 2019, up 10.3% from 2018 to an average selling price of $656,233.
🏡 The number of home sales were up 12.6 % for the calendar year compared to 2018.
*Source: TREB Market Watch report for December 2019.
Here’s how the numbers played out in South Etobicoke.