Toronto home prices reach new record high after gangbuster year for sales
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Now that 2020 is in the rearview mirror, analysts are looking back on what kind of year it was for Toronto s real estate market and, whether despite the pandemic or because of it, what they re seeing is explosive growth.
Both the number of homes sold and average selling prices were up in 2020 compared to 2019, according to The Toronto Regional Real Estate Board (TRREB) s latest report, with multiple consecutive months of record-breaking figures logged for both.
Anita BalakrishnanCanadian Press
After seeing buyers compete with multiple offers on homes across the Greater Toronto Area, real estate agent Navid Rashid is recovering from an unusually busy December that capped an unusually busy year.
“December in the past has usually been a very slow month people want to just enjoy their time off,” said Rashid, a senior sales representative at Trace Property Group. “But this year was very different.”
The average price of a Toronto home sold last year hit a new record as the number of sales climbed 8.4% compared with 2019, the Toronto Regional Real Estate Board (TRREB) said.
Five things to watch for in the Canadian business world in the coming week - Medicine Hat NewsMedicine Hat News medicinehatnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from medicinehatnews.com Daily Mail and Mail on Sunday newspapers.
January 03, 2021 - 7:00 AM
TORONTO - Five things to watch for in the Canadian business world in the coming week:
December auto sales
DesRosiers Automotive Consultants Inc. is scheduled to release its December auto sales data for Canada on Tuesday. The company previously reported that sales of cars and trucks fell in November 10.4 per cent from the same time the previous year as COVID-19 restrictions returned.
Vancouver home sales
The Real Estate Board of Greater Vancouver is set to release December home sales data on Tuesday. The Board previously reported that just over 3,000 homes changed hands across the region in November, down about 17 per cent from October but up nearly 23 per cent over last November s sales.
Vancouver home sales The Real Estate Board of Greater Vancouver is set to release December home sales data on Tuesday. The Board previously reported that just over 3,000 homes changed hands across the region in November, down about 17 per cent from October but up nearly 23 per cent over last November s sales. Toronto home sales The Toronto Regional Real Estate Board is set to release its data on December home resales on Wednesday. The Board recently reported that November home sales in the Greater Toronto Area were up 24.3 per cent compared with last year, as demand for single-family homes continued to surge ahead of condos.