Ksquare condos . Separate houses and apartments go their separate ways? 2020 is a thing of the past. And real estate analysts are reviewing the experience of the Toronto real estate market over the years: they are seeing explosive growth, whether they are in the midst of an epidemic or not.Please Visit: Ksquare condos to Get Your VVIP Registration Today!
The latest report from the Toronto Real Estate Bureau (TRREB) shows that the number and average price of homes sold in 2020 are higher than in 2019, setting a record high for the second month in a row.
The average house price in the Greater Toronto area hit a new high of 929699 yuan, up 13.5% from a year earlier. In Toronto, house prices rose 11.6% to an average high of 986085 yuan.
Overall, after a sharp decline due to outbreaks in March and April, home sales became large in the second half of 2020.
Real estate agents in the Toronto area reported sales of 95151 units for the whole of 2020, an increase of 8.4% over 2019 and the third highest sales in a year on record.
December 2020 was even more impressive, with sales of a staggering 7180 homes and apartments, an increase of 64.5 per cent year-on-year.
“although the overall housing market recovered strongly in 2020, there is a big difference between the single-family housing market and the condo market,” said Jason Mercer, chief market analyst at the Toronto Real Estate Bureau. “
The supply of single-family homes is still limited, leading to fierce competition among buyers and double-digit increases in sales prices. On the contrary, the growth of the number of apartments far exceeds the growth of its sales. ” Mercer added.
Looking ahead, John DiMichele, chief executive of Toronto Real Estate, said: “the next 12 months will be critical for the real estate market because we will plan our path to recovery.” In particular, the impact of restoring migration and reopening the economy will be crucial. “