Our Real Estate Update December 2020

December was another month of posting unprecedented increases in both sales volume and average sales price. With over 95,000 home sales, the GTA real estate market had its third strongest year on record in 2020. This represents an annual 8.4% increase over 2019 results despite coming to a near-standstill last spring. December 2020 sales were up a remarkable 65% from a year ago. Overall prices accelerated further, particularly in the detached home sector, under extremely tight demand-supply conditions. Although condo inventories continued to swell in December with active listings up 172% in the 416 and 159% in the GTA (explaining why condo prices softened through most of the year), condo sales numbers were impressive over this final month of 2020 indicating a bounceback as buyers recognize a potential opportunity and making condos perhaps the market segment to watch in 2021! It is important to note, that Oakville condo sales and prices remained much stronger than more urban centres and didn't really experience any of the same downturn.

As always, please don't hesitate to contact us should you have any questions about the market or would like a complementary updated pricing evaluation of your home.

Check out this month's edition of Real Estate Facts & Figures for December 2020.