2020 GTA Housing Market Review

Saturday Feb 20th, 2021


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


Housing 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.

+15.1% detached

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


Single-Family Homes

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)


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