Toronto Condo Top producer . Home sales in Toronto surged 64.5% due to active apartment activity.
Canada’s largest housing market was hot in the last month of 2020 as Toronto’s apartment market showed signs of new vitality and sales of all property types soared.
Home sales in the Toronto area rose 64.5% year-on-year last month, with 7180 properties traded, according to data released Wednesday by the Toronto area real estate board (TRREB). The average selling price of all homes sold in December was $932222, an increase of 11.2% over the same period last year.
Freestanding homes are the hottest properties, with the average selling price in this category rising 17.7 per cent to A $1.24 million, while sales surged 54.6 per cent year-on-year.
Meanwhile, the GTA apartment market is buoyant after three consecutive months of falling sales. Sales rose 75.4% year-on-year to 2193 vehicles, up slightly from November.
However, apartment prices are still under pressure, especially in Toronto, where the average price is 4.7% lower than in December 2019.
Although the overall housing market recovers strongly in 2020, there is a dichotomy between the single-family housing market and the apartment housing market. The supply of single-family homes is still limited, leading to fierce competition among buyers and double-digit prices, compared with the increase in apartment listings far outpacing the increase in sales. ” Jason Mercer, chief market analyst at TRREB, said in a press release.