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Despite an unprecedented year due to COVID-19, Greater Toronto Area REALTORS® reported over 95,000 home sales in 2020 – the third-best result on record. The average selling price reached a new record of almost $930,000.
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.
The average selling price reached a new record of $929,699 – up by 13.5 percent compared to 2019. This included an average price of $932,222 in December – a year-over-year increase of 11.2 percent. The strongest average price growth was experienced for single-family home types in the suburban regions of the GTA.
If you are thinking about selling your home this year try our new home evaluation tool. Click here
To check out current mortgage rates click here.
Always on your side,
Serge Rybitsky
Real Estate Broker
Royal LePage Terrequity Realty
Brokerage
Tel: 416-831-8301
Email: srybitsky@gmail.com
Want to talk? Call me day or night!
416-831-8301
Serge Rybitsky - Real Estate Broker
