According to the December TRREB Market Report...
No one knew what the year would bring with COVID-19, however despite these trying times, the real estate economy finished impressively.
Highlights from 2020:
- In December 2020 there was a record 7,180 sales – a year-over-year increase of 64.5 per cent with an average price of $932,222
- Year 2020 reported more than 95,151 in sales, an increase of 8.4 per cent with record average price $929,699 compared to 2019, particularly strong in single home types.
“While the housing market as a whole recovered strongly in 2020, there was a dichotomy between the single-family market
segments and the condominium apartment segment. The supply of single-family homes remained constrained resulting in
strong competition between buyers and double-digit price increases. In contrast, growth in condo listings far-outstripped
growth in sales. Increased choice for condo buyers ultimately led to more bargaining power and a year-over-year dip in
average condo selling prices during the last few months of the year,” said Jason Mercer, TRREB Chief Market Analyst.
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December 2020 vs. December 2019
December 2020 vs. November 2020