Concord condos . Real estate sales in Toronto are up
Concord condos . Real estate sales in Toronto are up. Home prices will hit a new high in 2020.
Naveed Rashid (Navid Rashid), a real estate agent, is recovering from an unusually busy December (an unusually busy year) after seeing buyers competing for homes in the Greater Toronto area.
“the past December has usually been a very slow month. People just want to enjoy their holidays, “said Rashid (Rashid), Trace Property Group’s senior sales representative.” “but this year is very different.”
The average price of home sales reached a new high last year because the number of homes sold was 8.4 per cent higher than in 2019, according to (Toronto Real Estate Board), the Toronto real estate bureau.
The board said on Wednesday that the average selling price in the greater Toronto area in 2020 was C $929699, up 13.5% from C $819279 in 2019.
The board said a total of 95151 homes were sold in the Greater Toronto area in 2020, up from 87751 in 2019 and the third best year on record.
The TRREB report is only the latest to show how strong the housing recovery has remained during 2020.
Real estate boards in both cities said this week that real estate agents in Calgary had the busiest December since 2007, with Montreal setting a record for December home sales in each neighborhood.
TRREB said the market began to take off in the second half of the year after the pandemic fell sharply in the spring.
Lisa Patel (Lisa Patel), chairman of the board, said the real estate market in the Greater Toronto area was on an unfamiliar path in 2020.
“after a sharp drop in demand caused by COVID in the spring, home sales rebounded to record levels throughout the summer and fall,” Patel said in a statement.
In addition to postponing the buying season until later this year, the pandemic has had other effects. Patel (Patel) points out that “ultra-low” borrowing costs and virtual opening of houses and displays are ways for the housing market to adapt.
“the next 12 months are crucial because we will plan our path to recovery. In particular, the impact of restoring migration and reopening the economy will be key. ” Said Jason Mercer (Jason Mercer), chief market analyst at the committee.
The full-year results came as Toronto’s board reported that home sales surged to 7180 in December, compared with 4364 in the last month of 2019. The average selling price of a house in December was C $932222, up from C $838662 in December 2019.
Rashid said that the main business driver in 2020 was low interest rates, and that it did not change as the calendar turned to January.