Toronto’s housing market ended 2020 with a bang.
Canada's largest housing market was red hot in December as Toronto's condominium market bounced back and sales remained strong across all property types in the city.
Home sales in the Greater Toronto Area (GTA) rose 64.5% year-over-year in December as 7,180 properties were sold, according to data from the Toronto Regional Real Estate Board (TRREB). The average selling price for all homes sold in December was $932,222, representing an 11.2% increase from a year earlier.
Detached homes were the hottest properties, as the average selling price in that category climbed 17.7% to $1.24 million while sales soared 54.6% year-over-year.
Meanwhile, after three straight months of decelerating sales, the GTA condo market bounced back in December. Sales soared 75.4% year-over-year as 2,193 units were sold. However, condo prices remained under pressure, particularly in the City of Toronto, where the average price fell 4.7% from December 2019.
December is normally one of the slowest months of the year for home sales as it is a cold winter month and the Christmas holidays typically shorten the sales period. However, Toronto’s housing market went against the grain this past December.
