Published January 21, 2021
Looking Back on 2020 & Looking Ahead to 2021
Here’s a quick recap of our 2020 market and a look ahead to the rest of 2021.
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How did our real estate market close out 2020? What’s in store for the year ahead?
First, the highlights from 2020. The Toronto Real Estate Board’s MLS reported roughly 95,000 home sales, which is an 8.4% jump compared to 2019. December alone had a record-breaking month with 7,180 sales—a 64% year-over-year increase.
"After a pronounced dip in market activity in mid-March toward the end of May, conditions really picked back up."
Year-over-year sales growth was strongest in the GTA region surrounding Toronto, and single-family homes were the most sought-after property type. Their average sales price was $929,000, which is a 13.5% increase compared to 2019 and, you guessed it, another new record. In December, the average sale price rose all the way to $932,000—an 11.2% increase compared to December 2019. As with the rest of the year, the strongest average price growth came from single-family homes across the suburbs and GTA region.
After a pronounced dip in market activity in mid-March toward the end of May, conditions really picked back up and we saw a dramatic improvement throughout the rest of the year, with multiple consecutive months of record sales and average prices—prices we’ve never seen before! As we move further into the new year and that momentum continues, we expect the average sale price to increase by 6% and inventory to stay dramatically low.
If you’d like to know more about this red-hot real estate market or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to speak with you, and I hope you make it a great 2021.
