Despite an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy, The Toronto Regional Real Estate Board saw tremendous growth year-over-year in December. With 7180 transactions, sales were up 63% in December 2020 compared to December 2019. The average price of a Toronto property also climbed 11% in the same period to $932,000.
Comparing 2019 quarterly data to 2020 shows just how devastating the impact of the pandemic was, and it also provides great insight into just how well the market bounced back.
“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,” said Lisa Patel, Toronto Regional Real Estate Board (TRREB) President.
The next big question: What can we expect in 2021?