December Real Estate Market

Toronto Real Estate Board December MLS sale statistics:

• GTA single family home sales including condo townhouses and apartments - 4,399.
• Volume - up 17.4%, compared to December 2018 3,746 sales.
• Volume - down 37.9% compared to November 2019 7,090 sales.
• Average price of a GTA single family home - $819,319.
• Up 4% from 2018's average price of $787,848.

“Over the last ten years, TREB has been drawing attention to the housing supply issue in the GTA. Increasingly, policy makers, research groups of varying scope and other interested parties have acknowledged that the lack of a diverse supply of ownership and rental housing continues to hamper housing affordability in the GTA. Taking 2019 as an example, we experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front,” said Jason Mercer, TREB’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 2019 55-80% of properties sold for asking or under.

The December residential resale market was a story of different markets that vary by housing type and location.

• In central Toronto limited supply and strong demand, meant bidding wars and "bully offers" in both freehold and condos if the list price was reasonable.
• The 905 region remains a softer market.
• The central condominium market remains strong in both the re-sale and pre-construction segments.
• 90% of buyers are currently taking out fixed rate mortgages for 5 year terms according to the Hanley Mortgage Group.