Despite an unprecedented year due to COVID-19, Greater Toronto Area REALTORS® reported over 95,000 home sales in 2020 – the third-best result on record. The average selling price reached a new record of almost $930,000.
The Greater Toronto Area housing market followed an unfamiliar path in 2020. Following the steep COVID-induced drop-off in demand during the spring, home sales roared back to record levels throughout the summer and fall.
A strong economic rebound in many sectors of the economy, ultra-low borrowing costs, and the enhanced use of technology for virtual open houses and showings fuelled and sustained the housing market recovery.
Highlights of 2020 Housing Market
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- 95,151 sales were reported in 2020 – up by 8.4 percent compared to 2019. This included a record result for the month of December, with 7,180 sales – a year-over-year increase of 64.5 percent.
- Year-over-year sales growth was strongest in the GTA regions surrounding Toronto, particularly for single-family home types.
- The average selling price reached a new record of $929,699 – up by 13.5 percent compared to 2019. This included an average price of $932,222 in December – a year-over-year increase of 11.2 percent. The strongest average price growth was experienced for single-family home types in the suburban regions of the GTA.
- After a pronounced dip in market activity between mid-March and the end of May, market conditions improved dramatically in the second half of the year, with multiple consecutive months of record sales and average selling prices.