Unprecedented activity in December 2020 saw home prices go 10%-40% higher in GTA cities. Most cities had double digit gains with King city leading the pack with 42% gain year over year. Toronto core had a drop in prices reflecting the consumer behaviour of moving out of downtown to suburbs. Toronto’s C11 municipality had a shocking -35% price drop followed by C10 with -26% price drop.
CREA provides its members, as well as the general public, with resale data from the previous months to inform members and the public. In its january report it shows record number of homes sold across the country. The report states “On New Year’s Day there were fewer than 100,000 residential listings on all Canadian MLS® Systems, the lowest ever based on records going back three decades. Compare that to five years ago, when there was a quarter of a million listings available for sale. So we have record-high demand and record-low supply to start the year.”.
It remains to be seen if the consumer demand will continue to be strong as the spring market arrives with more listings or it wanes out due to the pandemic situation.
Following is the January sales activity in Greater Toronto Area’s major cities:
Toronto West
Toronto Central
Toronto East
Durham
Halton
Peel
York
