Toronto Real Estate Monthly Market Report December 2020
“Each New Year, we have before us a brand new book containing 365 blank pages. Let us fill them with all the forgotten things from last year—the words we forgot to say, the love we forgot to show, and the charity we forgot to offer.”
― Peggy Toney Horton
Happy January 2021!!
January is supposed to be our “reset” for the new year but it’s hard to start afresh when it feels like we’re still in 2020. This is why we love the above words of Peggy Horton. After a year like 2020, her words gently inspire us to take care of those important things that perhaps we did forget. Without blame.
There are plenty of blank pages left in this year. May yours be filled with meaningful words, love and charity. 2021 will be rich indeed.
As for the Toronto Real Estate Market…
December 2020 stats show the Average Selling Price was up 11.2% compared to December 2019. Total Annual Transactions were up 8.4% in 2020 over 2019. Nobody (even the pundits) guessed this would happen given the challenges of this year. Here’s how Jason Mercer, TRREB Chief Market Analyst explains it:
“While the housing market as a whole recovered strongly in 2020, there was a dichotomy between the single-family market segments and the condominium apartment segment. The supply of single-family homes remained constrained resulting in strong competition between buyers and double-digit price increases. In contrast, growth in condo listings far-outstripped growth in sales. Increased choice for condo buyers ultimately led to more bargaining power and a year-over-year dip in average condo selling prices during the last few months of the year.”
The long and the short: We’re seeing 2021 is off to a strong start with a seller’s market for freehold (single-family) and a buyer’s market for Condos. Low interest rates are here and will likely remain through 2023.
For Investors: Now is an attractive time to buy investment properties such as condos. Even though the rental market is soft, it could turn around sharply when the effects of COVID subside. There will be renewed demand for small units downtown when typical immigration resumes and foreign students return.
If you own an investment condo: you may be under considerable pressure right now. If so, don’t hesitate to reach out to us to discuss what options are available to you. We’re here to help.
If you’re considering selling: Get in touch! – we have the experience and expertise you need. Our track record is 100%. We’ll get it sold at the highest price in the shortest time – GUARANTEED!
Let’s Talk About Your Next Move!