December Market Analysis

By: Marilyn Palmer

December Market Analysis

Tags: Toronto, condominium, detached, Mississauga, Oakville, Burlington, average selling price, Milton, buying, selling, real estate

 

Welcome your December Real  Estate Market Analysis and the end of 2020. Despite the unprecedented year due to Covid 19, the GTA and parts of the GTHA experienced (at the end of the year) a growth in sales and average selling prices.  Supply vs demand was the story throughout 2020.  I hope that 2021 will be better for those who were, and continue to be, greatly affected the virus.  Here are your area results and highlights:

G.T.A. & PEEL AREA RESULTS

Hightlights for 2020:

Jason Mercer, TRREB Chief Market Analyst was quoted as saying, " While the housing market as a whole recovered strongly in 2020, there was a dichotomy between the single-family market and the condominium apartment market. The supply of single-family homes remained constrained resulting in strong competition between buyers and double-digit price increases.  In contrast, growth in condo listings far-outstripped growth in sales.  Increased choice for condo buyers ultimately led to more bargaining power and a year-over-year dip in average condo selling prices during the last few months of the year."

For your Peel Market Results please click here.

BURLINGTON AREA RESULTS
Sales activity for December of 2020 was 172 vs 108 for 2019 - a 59% increase.  However, the number of new lsitings int he Burlington market, as reported by RAHB, was 136 leaving again a low inventory level at the end of December.  This resulted in an increase of 23% in the Average Selling Price, when compared to 2019, to $961,908.
For your Burlington full report please click here. For your Milton and Oakville Market Results please click here

RAHB President Donna Bacher has this to say, "Despite being in either the Red Zone or Grey Zone, through December, we do no see the effects on the number of sales and new lisitngs that we did in the spring lockdown.  This actiivty could be the result of continued low interest rates, coupled with increasing consumer confidence due to the approval of the Covid-19 vaccine in Canada."
 


 

 

 

 

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