Record December Home Resales and New Record in 2020 Average Selling Price


TORONTO, Jan. 06, 2021 (GLOBE NEWSWIRE) -- 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.

“The next 12 months will be critical as we chart our path through recovery. In particular, the impact of resumption in immigration and the re-opening of the economy will be key. TRREB will once again be releasing its January results, Market Year in Review and 2021 Outlook report on February 8th.  This will include a forecast for home sales and selling prices, the latest Ipsos consumer polling on the GTA housing market and new research related to innovative ways to bring on more housing supply,” said John DiMichele, TRREB CEO.

Summary of TRREB MLS®  Sales and Average Price December 1 - 30, 2020
 20202019
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto ("416")2,713894,5762,2811,666886,0301,352
Rest of GTA ("905")4,467955,0863,5842,698809,4122,178
GTA7,180932,2225,8654,364838,6623,530



TRREB MLS® Sales & Average Price  By Home Type December 1 - 30, 2020
 SalesAverage Price
 416905Total416905Total
       
Detached6572,3813,0381,475,7581,175,7531,240,632
Yr./Yr. % Change41.9%58.5%54.6%8.1%22.7%17.7%
Semi-Detached1973945911,160,108829,437939,660
Yr./Yr. % Change57.6%56.3%56.8%15.3%17.4%16.6%
Townhouse2969861,282842,902746,130768,474
Yr./Yr. % Change60.9%82.3%76.8%17.6%13.3%14.1%
Condo Apartment1,5516422,193625,828540,472600,840
Yr./Yr. % Change75.9%74.5%75.4%-4.7%6.3%-2.0%


December 2020 Year-Over-Year Per Cent Change in the MLS® HPI
 Composite (All Types)Single-Family DetachedSingle-Family AttachedTownhouseApartment
TRREB Total11.05%15.00%14.18%13.19%2.36%
Halton Region15.59%17.95%18.02%16.22%8.65%
Peel Region12.00%13.98%15.25%12.64%5.23%
City of Toronto4.78%9.82%8.30%10.40%0.76%
York Region12.56%13.89%13.66%10.28%6.84%
Durham Region21.65%21.62%24.58%21.69%12.43%
Orangeville19.72%20.11%23.29%--
South Simcoe County124.45%22.87%19.27%--
Source: Toronto Regional Real Estate Board
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth


Summary of TRREB MLS®  Sales and Average Price 2020
                                                   Annual
 20202019
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto ("416")31,845986,08561,03832,200883,38052,723
Rest of GTA ("905")63,306901,33595,75455,551782,123100,048
GTA95,151929,699156,79287,751819,279152,771


TRREB MLS® Sales & Average Price By Home Type 2020
Annual
 SalesAverage Price
 416905Total416905Total
       
Detached9,723 36,636 46,359 1,478,620 1,063,456 1,150,529
Yr./Yr. % Change 4.4% 18.3% 15.1% 12.1% 14.9% 13.2%
Semi-Detached 3,122 5,978 9,100 1,165,798 774,470 908,726
Yr./Yr. % Change 6.6% 11.7% 9.9% 11.6% 12.5% 11.6%
Townhouse 3,559 12,885 16,444 836,017 706,997 734,921
Yr./Yr. % Change 5.0% 14.6% 12.4% 8.7% 12.7% 11.4%
Condo Apartment 15,245 6,961 22,206 673,869 532,300 629,491
Yr./Yr. % Change -6.7% -2.6% -5.5% 6.3% 10.2% 7.1%

Source: Toronto Regional Real Estate Board



Seasonally Adjusted TRREB MLS® Sales and Average Price1
     
 SalesMonth-over-Month % Chg.Average PriceMonth-over-Month % Chg.
December '197,252-5.4%$873,8822.9%
January '207,119-1.8%$876,5320.3%
February '208,89124.9%$907,3013.5%
March '207,051-20.7%$897,526-1.1%
April '202,408-65.8%$792,442-11.7%
May '203,62850.7%$829,2294.6%
June '206,45277.8%$905,2149.2%
July '209,32744.6%$951,3225.1%
August '2010,53813.0%$980,4683.1%
September '209,975-5.3%$951,390-3.0%
October '209,695-2.8%$954,6960.3%
November '209,227-4.8%$962,2020.8%
December '2011,26422.1%$971,6901.0%
Source: Toronto Regional Real Estate Board; CREA Seasonal Adjustment  
1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA).  Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends.

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