Toronto area home prices set a new record in 2020 as they soar by 13.5%

Despite an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy, the number of home sales in 2020 was the third best on record and the average selling price reached a new record of almost $930,000.

The market saw a widening divide between single-family homes and condos last year. As we’ve entered this new era of working from home homebuyers are now looking for more living space. Year-over-year sales growth was strongest in the regions surrounding Toronto.

The supply of single-family homes remained constrained, resulting in strong competition between buyers and double-digit price increases.

The next twelve months will be critical as we chart our path through a pandemic recovery. In particular, the resumption in immigration and the reopening of the economy will be key.

While condos under-performed the single-family home market in 2020, we expect that buyers who cannot afford a home will sustain the condo market this year. Moreover, a major driver for the real estate market is low interest rates and we anticipate that low interest rates will be maintained throughout this year.

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