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2020 Recap on GTA Housing Market

Friday, January 15, 2021   /   by Mario Daniel Sconza

2020 Recap on GTA Housing Market

2020 Recap on GTA Housing Market

 

Hello ,

 

Despite an unprecedented year due to COVID-19, 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.

Highlights of 2020 Housing Market

 

  • 95,151 sales were reported in 2020 – up by 8.4 percent 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 percent.
     
  • 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 percent compared to 2019. This included an average price of $932,222 in December – a year-over-year increase of 11.2 percent. 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.
eXp Realty of Canada
Mario Daniel Sconza
4711 Yonge St 10th Floor
Toronto, ON M2N6K8
416-230-3476

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2021 Last Updated September 23, 2021
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