2020 GTA Housing Market Review
Saturday Feb 20th, 2021Share
2020 Market Year in Review - The Key Facts
2020’s Toronto Housing Market
Total sales and sale prices increased
95,151 sales were reported through TRREB’s MLS® System, representing an 8.4% increase from 2019.
The average selling price was $929,699, representing a 13.5% increase year over year.
+13.5% selling price
+8.4% in sales
Increased buyer competition for low-rise, detached housing
New listings for detached houses were actually down in 2020 while sales were up 15.1%. This means competition between detached home buyers increased substantially resulting in accelerating price growth.
New condo listings soared compared to sales and prices
Condominium sales were down 5.5%, while new listings were up approximately one-third, causing market conditions to become much more balanced. The condominium apartment segment experienced the slowest pace of average price growth in 2020 at 7.1%, and were actually down year over year in the fourth quarter of 2020.
+7.1% condo prices
-5.5% condo sales
Demand for mortgages stands unaffected
Similar to survey results from previous years, approximately 80% of likely home buyers will use a mortgage in the purchase of their next home.
80% of home buyers intend to use mortgages
Forecast: Home buying intentions will persist in 2021
Combined home sales reported through TRREB’s MLS® System for the GTA, south Simcoe County and Orangeville are expected to range between 100,000 and 110,000 in 2021.
105k forecast for 2021 home sales
New Home Sales Increased in 2020
Despite the challenges, total new home sales grew more than 7% year over year in 2020.
The market saw overall sales grow by 5% to almost 38,000 homes, which is above the 10-year average and the best year reported since 2017.
+7% new homes sales growth
Over 16,000 single-family home sales are the new home story of the year, almost doubling from 2019 volumes.
2020 marked the first year with over 10,000 sales since 2016.
Families sought more space for new lifestyles brought on by the pandemic, such as backyards, home offices and education space.
+79% compared to 2019 (single-family homes)