The record pace of home sales continued with 95,151 sales reported during 2020 by GTA Realtors® through the Toronto Regional Real Estate Board’s (TRREB) MLS® System. Total transactions were up 8.4% when compared to total sales during 2019. December sales were up 64% when compared to the monthly sales a year earlier. Sales were strongest amongst single family homes as Covid-19 impacted the condo market.
The average selling price for all home types within the GTA was up again, by 13.5% reaching $929,699. The strongest price growth was in the 905 region, as buyers sought more affordable homes. The strength of the real estate market expected to grow as people continue to work from home and preferences have shifted towards more space, both inside and outside the home.
The large increases in both the number of transactions and the average sale price are fueled by record-low mortgage rates (approximately 1.7% for a 5 year term) and demand that continues to outpace supply.
Within Durham Region, the local real estate board (DRAR) reported 773 residential transactions, up 45% when compared to last December. The average sale price in Durham reached $778,037, up 17.7% from the average price one year ago.
Competition between buyers was remains strong at all price levels, especially for starter homes priced below $700,000. It is common for most listings in Durham Region receive 15 or more offers and sell for at $100,000 over the asking price.
If you are thinking of a move and want to take advantage of surging real estate values, please contact me. I’ll give you sound, experienced advice. If you chose to sell, my staging services, digital marketing and social media promotions will get you plenty of exposure, ensuring you achieve a fantastic sale price.