Toronto real estate sales rose by 64.5% due to condo activity rebound
Canada’s largest real estate market showed a strong activity in December, as Toronto’s condo market saw better results in case of all property types.
According to the Toronto Regional Real Estate Board (TRREB), GTA home sales were up by 64.5% annually last month with 7,180 home sales. The average home price reached $932,222, marking an 11.2% annual gain.
The most popular type of real estate were detached houses. Their average price rose by 17.7% to $1.24 million, and sales were up by 54.6% from a year ago.
At the same time, following three consecutive months of slower sales, activity was up in the GTA condo market. Sales showed a 75.4% annual increase to 2,193 units.
Nevertheless, condo prices were still under pressure, especially in the City of Toronto, where the average cost was down by 4.7% on a year-over-year basis.
“Although the real estate market showed a significant rebound last year, there was a strong difference between the single-family market sector and the condominium sector. The supply of single-family homes was still low, pushing prices to double-digit gains. Meanwhile, growth in condo listings was outpaced by growth in sales,” – noted TRREB Chief Market Analyst Jason Mercer .
Here are the results for home sales and average prices depending on the real estate type for December 2020:
| Sales | Average cost | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached houses | 657 | 2,381 | 3,038 | 1,475,758 | 1,175,753 | 1,240,632 |
| Semi-detached houses | 197 | 394 | 591 | 1,160,108 | 829,437 | 939,660 |
| Townhouses | 296 | 986 | 1,282 | 842,902 | 746,130 | 768,474 |
| Condo | 1,551 | 642 | 2,193 | 625,828 | 540,472 | 600,840 |
| Annual prices change | ||||||
| Detached houses | 41.9% | 58.5% | 54.6% | 8.1% | 22.7% | 17.7% |
| Semi-detached houses | 57.6% | 56.3% | 56.8% | 15.3% | 17.4% | 16.6%
|
| Townhouses | 60.9% | 82.3% | 76.8% | 17.6% | 13.3% | 14.1% |
| Condo | 75.9% | 74.5% | 75.4% | -4.7% | 6.3% | -2.0% |