Column Toronto Real Estate Brokerage Royal LePage RES Ltd/Johnston and Daniel Division Toronto REALTORS® Louise Dodd and Jason Dodd
Column Middle Toronto REALTOR® Louise Dodd Toronto REALTOR® Jason Dodd Toronto Real Estate Services Toronto Real Estate for Sale Previous Toronto Real Estate Sales Toronto Real Estate Information and Other Information

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.

(The GTA is Burlington to Clarington, Lake Ontario to Lake Scugog)

“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.

(Central districts cover the Lake to York Mills, and the Humber River to Victoria Park.)

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.
Average Price December 2020
Average Price December 2019
City (416)
$894,576
$886,050
G.T.A. (905)
$955,086
$809,412

Average GTA Prices 1991 to 2020

1991
$234,313
2006
$351,941
1992
$214,971
2007
$376,236
1993
$206,490
2008
$379,347
1994
$208,921
2009
$395,460
1995
$203,028
2010
$431,276
1996
$198,150
2011
$465,014
1997
$211,307
2012
$497,130
1998
$216,815
2013
$522,958
1999
$228,372
2014
$566,624
2000
$243,255
2015
$622,120
2001
$251,508
2016
$729,837
2002
$275,231
2017
$822,572
2003
$293,067
2018
$787,865
2004
$315,231
2019
$819,279
2005
$335,907
2020
$929,699
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