On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s December 2020 real estate market watch, with info on prices & trends in the region's housing market. VIP's report will provide information such as market outlooks & news in December 2020, along with specific info on condo & home prices in the GTA:
https://www.youtube.com/watch?v=RzaIRXKT7-w
The VIP Condos Toronto team was able to sit in on CentreCourt’s Zoom seminar regarding the state of Toronto’s housing market. Hosted by company president Shamez Virani, topics discussed included:
- Historical market trends in the GTA -An overview of the pre-construction housing market
- A summary of how COVID-19 has affected the market
- Future projections based on immigration levels and the rollout of a vaccine.
December 2020 Real Estate Market Watch: Residential Transactions
- 7,180 residential home transactions took place in December 2020, up from 4,364 in December 2019 - an increase of 64.5%.
- When seasonal adjustments are taken into account, there was a 22.1% increase in the number of purchases from November (9,227) to December (11,264).
Average Selling Prices
- The average sale price for December 2020 was $932,222. This is an increase of 11.2% over December 2019, when it was $838,662.
- With seasonal adjustments, prices saw a 1% increase from November 2020 (from $962,202 to $971,690).
New Listings
- There were 5,865 listings available for December 2020, which is a 66.1% increase over December 2019 (when there were 3,530).
- The sales-to-listings ratio has increased by 1% from December 2019, from 81% to 82%.
December 2020 Real Estate Market Watch: Days On The Market
- The average property spent 35 days on the market, compared to 41 last year - a decrease of 14.6%.
- Listings spent an average of 24 days on the market, which is a 17.2% decrease from this month last year (when they spent an average of 29).
Year-End Statistics
- Total residential transactions for 2020 were up 8.4% from 2019
- Total new listings were up 2.6% annually
- The average selling price was up 13.5% from the previous year
- How do I get my down payment?
- Can I use my RRSP for my down payment?
- How can I make the profits from my pre-construction purchases tax-free?
- What incentives are available for first-time buyers?
- What type of home or mortgage can I afford?
- What is a PDI?
- What are the pros & cons of buying or selling an assignment before closing?
Have questions?
Want to know more about Real Estate Market Watch - December 2020? Send me a message and I'll get back to you within 24 hours.