Now the year 2020 ended, it is Time again to look at what happen to GTA Home market in the last month of 2020.
In December 2020, TRREB recorded a new listing year to year increase at 66% which when from about 3500 to 5800. As it may be a result of the struggling condo market but it is also a result of the hot freehold market. The increase of new listing is a combination of both Freehold and Condo Market and we think many of you already understand why there were more condo listings, on the other hand, the freehold listings were also increased becuase many home onwers noticed that since the price was jumping, it could be a good time to sell.
However as mentioned many times before, in GTA, we need about 18,000 to 20,000 listings in order to be considetr as a balance market. 5800 new listings plus other active listings together at about 12,000 was still consider an imbalance market in GTA.
The overall average home price was $932,222 which was up by 11.2 % still 2 digits increase. However the month to month change was dropped when we compare to November 2020, which we believe was a seasonal nature also with the current epidemic situation.
The total number of transactions were up by 64.5% at 7180 of sales. When we look at the numbers, we noticed that both numbers of sales in Freehold and Condo Markets were up.
In the City of Toronto average detached home price was $1,475,758 and $1,175,753 in 905 area. Semi-Detached were $1.16 m and $829k in 416 / 905 respectively. Townhomes were $842k and $746K. The year over year change except condo in 416 were all up mostly by double figures.
Lastly when you thinking of the condo market in 416, the increase in supplies over the last few months only create a more balanced Market than previous years. With the foreseeable positive changes on immigration policy and the continue of population growth. We believe the condo market is rebounding shortly.
1. Sales, dollar volume, average sale prices and median sale prices are based on firm transactions entered into the TRREB MLS® system between the first and last day of the month/period being reported. 7. Past monthly and year-to-date figures are revised on a monthly basis.