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%.