Even the condo market ended 2020 on a high
The Toronto real estate market broke multiple records to close out 2020, from the annual average home price to sales.
There were 7,180 real estate sales in the Greater Toronto Area (GTA) recorded in December, which is a 64.5 per cent increase over the same period last year.
“December is notoriously slow,” says WE Realty broker Odeen Eccleston. She chalks up that dizzying increase to a traditionally inactive winter month meeting an unusually hot Toronto real estate market, and the very peculiar conditions from a pandemic.
“People are always going into hibernation mode because of the holidays. That didn’t happen this year. People weren’t even permitted to gather with their extended family. So perhaps priorities were just different. I didn’t see any kind of holiday lull. I saw about a 50 per cent year-over-year increase even in my own business.”
Eccleston, who spoke about the challenge to find affordable housing on a NOW podcast, adds that the heat is continuing into the new year. She is speaking to NOW immediately after completing a sale. “I just clinked some champagne with my client.”
The Greater Toronto real estate market closed out the year with an average selling price in December of $932,222, an 11.2 per cent year-over-year increase.
That brought the annual average sale price of a home up in the GTA to $929,699, 13.5 per cent over 2019. Sales were up 8.4 per cent, finishing with 95,151 transactions, which includes resales in the house and condo market, as well as closings on new builds. The average home price for the city of Toronto real estate market for 2020 was $986,085.
In December, the average home price was higher in the 905 than the 416; $955,086 versus $894,576. That likely has a lot to do with significant detached and semi-detached home sales outside the city, while Toronto was most limited to condo activity. The average price for a detached home in the Toronto real estate market was $1,475,758, versus $1,055,586 in the 905.
While new listings flooded the market, condo prices finished 2020 on a high with the average price of $679,291 in the city and $632,618 in the GTA.