By: Iris Khodkar

Toronto Real Estate Ends on a High Note in 2020

Tags: Real estate, toronto real estate, buy, sell, detached, semi detached, townhouse, condominium, sellers market, december market, december statistics, end of year market, 2020 market stats, 2020 real estate stats, iris, iris khodkar, iris khodkar group, re/max, re/max west realty inc

Despite a tough year, the Toronto residential real estate market ended 2020 on a high, with 95,151 home sales taking place throughout the year, according to the Toronto Regional Real Estate Board (TRREB). This was an 8% increase year-over-year (y-o-y) and the third best year on record for sales. There were 7,180 home sales, up 63% year-over-year, while new listings kept pace, growing 66% y-o-y. The average home price rose 11% year-over-year in December to $932,222.

Overall, across the GTA, York Region led the pack from home sales growth in December- with 1,366 home sales across all housing types, marking an 87% increase year-over-year. New listings increased 81% year-over-year in York Region in December, with 1,065 properties being added to the market. With lower supply in relation to demand in the region, the sales-to-new listings ratio strongly favored sellers in York Region at 128%. The December sales-to-new listings ration was similarly high, at 124%.

In peel Region, home sales for detached properties rose 57% with 614 sales, while new listings edged up 37% with 478 new properties being added to the market, resulting in a sales-to-new listings ratio of 128%. The detached home price increased 18% to $1,200,646. In Halton Region, detached home sales grew 48%, and strong competition persisted, with a sales-to-new listing ration of 129%. The average home price grew 28% year-over-year to $1,429,635.

In the City of Toronto, detached home sales remained strong in December, increasing 41% year-over-year and 657 sales. With 554 new detached home listings, City of Toronto detached home buyers were competing in a heated sellers market, where the SNLR was 119%.

Finally in Durham Region, the average home price for detached properties increased 25% to $868,916. Detached home sales grew 35% with 498 homes sold. While new listings grew at a faster pace, with 389 new detached properties being added to the market the sales-to-new listing ratio remained in seller’s market territory at 128%.