Market Update – December 2020

On in So How's the Market in Toronto by

In December, we continued to see strong activity in the Toronto real estate market for detached and semi-detached homes. However, we did continue to see some softening in the condo market.

Central Toronto REALTORS® reported 184 detached home sales through the Toronto MLS® in December 2020; and on average, these detached homes sold for $2,043,130.

Last year, in December 2019, Toronto MLS® reported 118 freehold detached home sales across Toronto – which is a 56% increase in volume for this year. It was also reported that on average, freehold detached homes sold for $2,033,361 in December 2019 and that’s a 1% increase in sale prices for this December.

With respect to semi-detached homes… Central Toronto REALTORS® reported 159 semi-detached home sales in December 2020; and on average, these semi-detached homes sold for $1,334,163 last month.

That compares to 83 semi-detached home sales in December 2019 – which is a 92% increase in volume for this year. But again, it was also reported that on average, semi-detached homes sold for $1,192,076 in December 2019 and that’s an 12% increase in sale prices for this December!

With respect to condo sales… Central Toronto REALTORS® reported 933 condo sales in December 2020; and on average, these condos sold for $704,375 last month.

In December 2019, there were 483 condo sales – which is a 93% increase in volume for this year. On average, these condos sold for $771,495 – and that’s a 9% decrease in sale prices for this December.

Given the strength and resilience of the Toronto Real Estate market going into this pandemic, we had little doubt that it would recover rather quickly.

 

 

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