The market is red-hot due to low-interest rates and limited inventory levels driving the house prices up.
Despite an unprecedented year due to COVID-19, the Toronto residential real estate market ended 2020 on a high, with 95,151 home sales taking place throughout the year according to the Toronto Regional Real Estate Board. This was an 8% increase year-over-year (y-o-y) and the third best year on record for sales.
New listings couldn’t quite keep up, growing a mere 3% y-o-y in 2020, and likely helped push the average home price across the Toronto Region up by 13% annually to a new annual record of $929,699.
The Greater Toronto Area’s condominium market moderated in 2020, but does that tell the whole story? Absolutely not. While sales declined by 5% compared to 2019, according to the Toronto Regional Real Estate Board (TRREB), prices actually increased by 7.1%. In the 416 and 905, prices rose by 6.3% and 10.2%, respectively. CLICK HERE TO READ THE FULL CANADIAN REAL ESTATE MAGAZINE ARTICLE
Canada 2021 Housing Forecasts Call For A Boom … Or The Worst Crash in 40 Years
Amid an unpredictable pandemic, forecasts for the housing market are pretty much all over the map. CLICK HERE TO READ THE FULL HUFFINGTON POST ARTICLE