Toronto Homes Sales Boom As Buyers Seek Bigger Spaces

The work-from-home trend continues to increase property sales and prices outside the core areas of Toronto, while depressing downtown condo prices as buyers seek bigger spaces.

Home sales in the Toronto region increased 24 per cent in November over the same month last year, with strong sales in all types of houses and townhouses offsetting weakness in the condo market.

Across the Toronto region, the average selling price for all home types combined hit $955,615 in November, a 13 per cent gain over November last year.

It’s all about space right now. Now that people have a better sense of what their work environment is going to be like and how much time they will be able to spend at home, they are definitely moving further out and living in more open air.

Although condos have taken a hit in Toronto this may be a short-term phenomenon. Looking forward, once we move into the post-COVID period, we will start to see a resumption of population growth, both from immigration and a return of non-permanent residents. This will lead to an increase in demand for condominiums in the ownership and rental markets.

In closing, I wish you and your loved one’s joy and peace this holiday season and a safe and prosperous new year.

Thanks for your continued support this year. Keep safe until we meet again!