The year 2020 brought with it a significant amount of uncertainty due to the global pandemic. Nevertheless, the housing market continued strong:
95,151 sales were reported through TRREB’s MLS® System, representing an 8.4% increase from 2019. The average selling price was $929,699, representing a 13.5% increase year over year.
Last year also saw a rise in increased buyer competition for low-rise, detached housing due to the demand for single-family homes, private outdoor spaces, and enough room to work remotely/ learn virtually. The number of listings was actually down, but the demand is what had driven sales up by 15.1% resulting in relentless price growth. The seller’s market for low-rise detached will continue well into 2021.
On the flipside, condo sales were down 5.5%, but listings were up resulting in a buyer’s market for the condo segment. Condominium apartments experienced the slowest pace of average price growth in 2020 at 7.1%, and were actually down year over year in the fourth quarter of 2020.
The demand for mortgages remains unchanged, and with continued low interest rates, this trend will continue.
Combined home sales reported through TRREB’s MLS® System for the GTA, south Simcoe County and Orangeville are expected to range between 100,000 and 110,000 in 2021.