Mohammad  Teimouri

Mohammad Teimouri

Sales Representative

Sutton Group-Admiral Realty Inc., Brokerage *

Mobile:
416-880-5163
Office:
(416) 739-7200
Email Me

December 2020

 

Market Update for December 2020

 

Despite an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy, Greater Toronto Area REALTORS® reported over 95,000 home sales in 2020 – the third-best result on record.

The Greater Toronto Area housing market followed an unfamiliar path in 2020. Following the steep COVID-induced drop-off in demand during the spring, home sales roared back to record levels throughout the summer and fall. A strong economic rebound in many sectors of the economy, ultra-low borrowing costs and the enhanced use of technology for virtual open houses and showings fuelled and sustained the housing market recovery.

 

 


"Total residential transactions"


 

 

Residential transactions - Dec 2020

 

 

95,151 sales were reported through TRREB’s MLS® System – up by 8.4 per cent compared to 2019. This included a record result for the month of December, with 7,180 sales – a year-over-year increase of 64.5 per cent.

 

 

Residential transactions Chart - Dec 2020

 

 

Year-over-year sales growth was strongest in the GTA regions surrounding Toronto, particularly for single-family home types.

 

 

Sale by type of home - Dec 2020

 

 


"Home prices"


 

 

Ave Sale price - Dec 2020

 

 

The average selling price reached a new record of $929,699 – up by 13.5 per cent compared to 2019. This included an average price of $932,222 in December – a year-over-year increase of 11.2 per cent. The strongest average price growth was experienced for single-family home types in the suburban regions of the GTA.

 

 

Ave Sale price - Chart - Dec 2020

 

 

The average selling price reached a new record of almost $930,000.

 

 

Ave price by type of home - Dec 2020

 

 


"New listings"


 

 

Total new listing - Dec 2020

 

 

While the housing market as a whole recovered strongly in 2020, there was a dichotomy between the single-family market segments and the condominium apartment segment. The supply of single-family homes remained constrained resulting in strong competition between buyers and double-digit price increases. In contrast, growth in condo listings far-outstripped growth in sales. Increased choice for condo buyers ultimately led to more bargaining power and a year-over-year dip in average condo selling prices during the last few months of the year.

 

 

Total new listing - Chart - Dec 2020

 

 


"Sales To New Listings Ratio"


 

 

Sales to New listing Ratio - Dec 2020

 

 

Sales to new listings ratio in Dec 2020 is 82% which is down by 1% compared to Dec 2019. (sales to new listings ratio for Dec 2019 was 81%)

What does 82% sales to new listings ratio mean? This means every 10 homes that are listed into market, almost 8 of them are being sold.

 

 

Sales to new listing - chart - Dec 2020

 

 


"MOI & DOM & Average SP/LP"


 

 

MOI and DOM - Dec 2020

 

Above table shows; Semi-detached and town homes are fast selling property in the market.

 

Percentage change - Dec 2020

 

* 416 means city of Toronto

** 905 means GTA excluding Toronto

In all GTA  average price for all type of homes except Toronto condo apartment were higher than the same time last year!

 

Below is year over view of 2020 in different house segments.

 

Percentage change - annual 2020

 

I, as real estate agent, always provide all the information that my clients need. I always help my clients make an informed decision and every decision is unique based on one’s individual.

Contact me for free consultation.

 

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