Average Home Price in GTA Up by Over $110,000!

Believe it or not, despite health regulations, drastic lockdowns and unprecedented economic uncertainty, house prices in the GTA have still found a way to increase drastically in 2020.

The average home price in 2020 was $929,699 compared to $819,279 a year earlier. The increase has been credited to several economic segments making quick recoveries following the spring's shut down. This combined with a low cost of borrowing and consumers as well as realtor embracing virtual technology to view properties rather than traditional home tours.

Other notable points from the report:

• Year over year growth was strongest with single-family homes in the '905' region.

• Average house price increased by 13.5% in 2020 with Decembers increase year over year at 11.2%

• After large drops in the spring, the market recovered quickly in the 3rd and 4th quarter. Record sales and sale prices were recorded several months in a row to close the year.

• There continues to be a larger than normal inventory of condos in the city giving negotiating power to consumers.

The second half of 2020 was positive the next year is still critical to ensure that the real estate market can make a full recovery. To view the entire report please click here!

I would love to hear from you! If you would like to chat please pick up the phone or click here to book a time to talk!