The last month of 2020 was just as unusual as the rest of the year. The competition for detached and semi-detached houses went even hotter with the average selling price increase of 8.2% and 15.5% correspondingly. The demand got stimulated by the low borrowing costs and adapting to virtual operations of the market. The competition also increased due to the drop in the listings number typical for this time of the year. Therefore, we would suggest to all of our buyer clients that patience is key right now. It can be frustrating but as listings start to come to market, we should see more opportunities.
In the meantime, the difference between the abovementioned home types and condominium apartments grew bigger. The average price for condos has fallen by 4.6% compared to last year, and the number of sales spiked by 75.5%. However, it is not all doom and gloom for condo sellers in the GTA area – the rollout of the COVID-19 vaccine and prospective borders reopening makes the demand recovery likely to happen in 2021.
Click here for the full December 2020 TRREB report.