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Market Stats for December 2020

07 January 2021

With over 95,000 home sales, the GTA real estate market had its third strongest year on record in 2020. This represents an 8.4% increase over 2019 results despite coming to a near-standstill last spring. December 2020 sales were up a remarkable 65% from a year ago. Overall prices accelerated further, particularly in the detached home sector, under extremely tight demand-supply conditions. Condo inventories swelled in December with active listings up 172% in the 416 and 159% in the GTA. But while condo prices have continued to soften as inventories increase, their December 2020 sales were spectacular. At nearly 76% greater than for the same period last year, sales numbers indicate there’s no shortage of condo buyers in the GTA. Condos will be the market segment to watch in 2021.

Market Stats for November 2020

04 December 2020

GTA real estate remained remarkably strong in November with 8,766 sales – an increase of 24.3 per cent year over year – and a 13.3 per cent increase in the average selling price – the highest rate of price appreciation for the month since November 2016. Detached homes, once again, lead the market in sales and saw an increase in average price of 15.2 per cent over November 2019. Most popular were detached homes in the 905 area with sales up by over 33 per cent year over year and accounting for 38 per cent of November’s total sales of all property types. The number of condo sales was typical for the month of November and up slightly from this time last year. However, the 416 area saw prices soften slightly, as the number of new condo listings swelled to nearly double that of November last year.

Market Stats for October 2020

04 November 2020

October 2020 sales reached record levels with 10,563 home sales representing a 25.1 per cent increase compared to October 2019. The number of new listings added to the market this October was a record 36.4 per cent over the same month last year and the highest increase for the month for the past 20 years. Condos accounted for almost 35 per cent of the 17,802 new listings that came on market. A closer look at the location of these new listings reveals that of the 6,193 condos listed, 72.6 per cent were in the 416. In terms of the 5,263 detached home sales in October, 76.6 per cent were in the 905.These stats reflect the influence that COVID-19 is having on the ability to work from home and the resulting demand for larger ground-oriented dwellings outside the city core.

Market Stats for September 2020

07 October 2020

Low interest rates, the ability to work from home for many, the desire for bigger spaces, and pent up demand were a potent combination for September 2020 GTA real estate sales. The month was the fourth in a row where both GTA home sales and prices have set new records with sales up by 42 per cent and average prices up by 14 per cent inclusive of all property types compared to September 2019. Again, the star of the month was detached homes. Year over year, the average price increase of 12.9 per cent for a detached home was about twice that for condos at 6.6 per cent. September 2020 total sales of detached homes grew by 54.7 per cent over the same period last year compared to 14.6 per cent for condos. Increased listing inventory of all property types helped fuel September’s sales activity. Compared to the past five year average, new listings entering the market were up by 28.9 per cent. Despite this increase, the GTA is still a tight market – average Listing Days On Market were down by 27 per cent compared to the five year average. This speed in the sales cycle kept September’s number of Active Listings to a modest 6.4 per cent increase over what September has seen for the past 5 years.

Market Stats for August 2020

03 September 2020

For the third consecutive month, home sales and prices have set new monthly records. August 2020’s total sales of 10,775 was 40 per cent more than the same period last year, with the average price of $951,404 representing an increase of over 20 per cent year over year. Detached properties showed the most substantial gains with the average selling price up by 19.9 per cent. Semi-detached homes were a close second with the average selling price up by 18 per cent year over year. While there's much speculation about home buyers with work from home options due to the pandemic shopping outside of the city of Toronto for properties with more space, the division of sales between the 416 and 905 areas in August this year has stayed consistent with August 2019. In both years, 905 area detached home sales made up 80 per cent of total sales for that property type and 905 area semi-detached sales were approximately 70 per cent of that property type’s total sales.