No economist or Realtor could have predicted that during an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy that so many homes would have traded. There were over 95,000 home sales in 2020 – the third-best result on record with the average selling price reaching a new record of almost $930,000.
Sales growth was strongest in the GTA’s regions surrounding Toronto, in markets like Brampton, Durham Region and Oakville where supply of available homes for sale dropped substantially during a time of insatiable buyer demand (Pushing prices up – Brampton: 15%, Oakville: 19% and Durham Region: 15% over 2019). Months of inventory levels in Brampton and Durham Region have turned to record lows, if no further property was listed for sale in those areas they would be sold out in 10 days!
The City of Toronto saw strong price growth with prices up over 11%, however, the total volume of sales were down slightly, just over 1% in 2020. This is in large part due to the resale condominium market where supply levels started to rise as investors struggled to rent their units for either the short or long term. Buyers of this home type look to have waited and we are now starting to see a resurgence in the sales of condominiums in Toronto, volume of condo purchases were up over 75% during the month of December. You could reason that with the recent news and implementation of a vaccine, all time low interest rates and condo prices softening slightly that condo buyers feel the time is now to make a purchase.