Fall Winter 2020 Toronto Real Estate Market Stats 🏡 Best customer rated real estate agents Toronto
Thursday Dec 10th, 2020
**CHECK OUT THE FULL TRANSCRIPT BELOW**
Below are the clickable TIMESTAMP links for the video
00:12 - average price increase for all property types combined in the GTA
00:27 - housing sector that saw the highest increase in value
00:43 - housing sector that saw the lowest increase in value
1:00 - average price for a fully detached home
1:09 - average price for a semi-detached home
1:16 - average price for a townhouse
1:23 - average price for a condo
1:30 - volume of sales November 2020 vs November 2019
1:48 - final thoughts
1:50 - advice for homeowners who are selling a property
2:18 - advice for purchasers who are buying a property
It's great news for homeowners.
The average property price has gone up by +13.3% from $843,307 to $955,615.
The housing sector that saw the highest increase in prices, on average, were detached homes in the 905 suburbs. And they saw a huge +19.2% increase in prices between November 2019 to November 2020.
The housing sector that saw the lowest increase in prices, on average, were downtown Toronto condos. And they saw a decrease of about -3.0% in prices over the past year.
Now to put things into perspective, let's look at the average price of a home.
The average price for a fully detached home in Toronto is $1,477,226.
A semi-detached home comes in at $1,160,911.
While a townhouse in Toronto comes in at an average of $819,752.
Now for the condo market, the average Toronto condo comes in at $640,208. In terms of the volume of sales, November saw a record-breaking month with 8,766 home sales. This is an incredible +24.3% more homes sold last month compared to the same time last year in November 2019.
Here are some final thoughts. With the exception of downtown Toronto condos, the real estate market is still in favour of sellers. As we enter the winter season, if you're thinking about marketing your property for sale, one benefit is that there's less competition from new listings to compete with. Plus, buyers who are out shopping for a property during the holiday season are typically more serious. So if you're thinking about selling a property, it can be to your advantage to get it marketed during the holiday season.
On the other hand, if you're thinking about purchasing a property, don't give up yet. A lot of buyers are feeling discouraged after seeing housing prices rise up so dramatically, or after having lost out on a couple of multiple offers. The holiday season could be your chance to secure a home with less competition. Just be prepared to get financially pre-qualified for a mortgage as your very first step in a home purchase.
Now, whether you're purchasing or selling a property, keep in mind that these average statistics released by the Toronto real estate board are just one indicator of how the real estate market is doing overall. The Greater Toronto Area is a huge market and there is a tremendous amount of variation. The local real estate market in your neighbourhood or in your condo building, could be very different than these average statistics. If you're curious to know the estimated market value for your property, feel free to reach out to our team.
Speaking of selling and purchasing properties, the topic of "holdbacks" is something you might come across. We'll be talking about holdbacks with one of our legal experts in an upcoming video. So if you don't want to miss out on that, go ahead and click the "like" and "subscribe" button now.
And in the meantime, if you have any real estate questions or needs, give us a call.