December Real Estate Market

Toronto Real Estate Board December MLS sale statistics:

• GTA single family home sales including condominiums - 7,180.
• Volume - up 64.5%, compared to December 2019 4,364 sales.
• Volume - down 18% compared to November 2020 8,766 sales.
• Average price of a GTA single family home - $929,699.
• Up 13.5% from 2019's average price of $819,279.

“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,” said Jason Mercer, TRREB’s Chief Market Analyst.

We track MLS sales daily.

• November 2016 to May 30th 2017, 90% of central district properties sold over asking price.
• December 2020 50-90% of properties sold for asking or under.

The December residential resale market like the fall one, was a story of two markets headed in different directions - the strong freehold market and the weaker condominium market.

• The GTA freehold inventory remains limited.
• Throughout December, some well-priced or under-priced homes sold for over asking price in bidding wars. Few homes sold with "bully offers".
• Given the decline in condominium selling prices since the beginning of 2020, some buyers are entering this market to take advantage of the lower prices.
• Sean Hilderbrand of Urbanation thinks the soaring prices of single family freehold homes will push more buyers back to the condo market.