Real Estate Market Watch December 2020

Home sales in GTA continued to be record breaking with 8,766 sales reported in November by Greater Toronto Area REALTORS® through the Toronto Regional Real Estate Board’s (TRREB) MLS® System. Compared to November of last year, it was up  by 24%.

Over all annual sales growth was higher for single-family homes in the GTA regions including the City of Toronto.“Home buyers continued to take advantage of historic low interest rates in November, especially those looking to buy single-family homes. Competition between buyers for low-storied homes has been extremely strong in many neighbourhoods throughout the GTA, which has continued to support double-digit annual rates of price growth,” said Lisa Patel, TRREB President.

The MLS® HPI Composite Benchmark was up by 10.6 per cent in November 2020 compared to last year. The average selling price for all home types was  $955,615, which is an increase by 13%.

Real estate market conditions became stricter in many single-family market segments in November. This resulted in double-digit year-over-year increases in average selling prices for detached houses, semi-detached houses and townhouses.

However, home buyers continued to take advantage from much more liberty in the condominium apartment market compared to last year, especially in the City of Toronto. The number of new condominium listings in November was almost twice that reported in November of last year. More choices in the condo apartment market resulted into a marginal annual decline in the average condo selling price.

“The condominium apartment market is certainly more balanced than in previous years, with some buyers benefitting from lower selling prices compared to last year. However, this may be somewhat of a short-term phenomenon. This will lead to an increase in demand for condominium apartments in the ownership and rental markets,” said Jason Mercer, TRREB Chief Market Analyst.