Housing market continues its climb across the nation

Since the onset of the pandemic, the median price of a luxury house in the City of Toronto has risen 5.4 per cent year-over-year to $3,187,500, while the median price of a luxury condominium dipped 1.6 per cent year-over-year to $1,870,000. During the same period, the median price of a luxury house in the Greater Toronto Area increased 5.9 per cent year-over-year to $3,177,500 and the median price of a luxury condominium decreased 3.6 per cent year-over-year to $1,830,000.

Activities vary in different GTA cities. Durham region seems to take the lead in home sales. Uxbridge had the highest price change year over year with prices going up 30%, from $783,932 in November 2019 to $1,117,044 in November 2020. Notable difference was Brock being the only city in negative territory i.e. -1% change from $665,357 to $660,865. Normally market settles down during December through February and picks up during spring. However, there is no such thing as “normal” anymore. Specially after the cover-19 outbreak. Signs of softening market will eventually start. Its just a matter of time.