By: Jesse Jenish

December 2020 - Real Estate Report

Tags: Toronto Real Estate

DECEMBER STATS & 2020 IN REVIEW
 

I would like to start by wishing everyone a Happy New Year! 2020 was anything but a normal year and the Toronto housing market certainly followed an unfamiliar path. The year started off very strong but the market came to a screeching halt in mid-March due to COVID and the ensuing lockdowns. The Spring market, which is normally the busiest time of the year for real estate was pretty much wiped out. As lockdown restrictions eased in late May, buyers and sellers quickly remerged and home sales roared back to record levels throughout the summer and fall. A strong economic rebound in many sectors of the economy, ultra-low borrowing costs, and the enhanced use of technology for virtual open houses and showings fuelled and sustained the housing market recovery.

While the housing market as a whole recovered strongly in 2020, it's important to note that the single-family market segment carried this recovery. Other market segments, such as the downtown condo market, were more negatively impacted as a result of the pandemic.

Here are some key market trends that we saw in 2020:
  Here is how these trends impacted the market: If you would like to know how these current market trends have impacted the value of your property or if you would like to know if it's the right time to buy, please feel free to reach. I'm always happy to answer any questions and provide advice. 

TRREB released its monthly key housing market stats for December 2020 and we saw a new record for the number of sales in the month of November. 


Highlights from 2020 include: 
 

If you have any questions or would like to find out if it's the right time for you to buy or sell, don't hesitate to give me a call or text at 647-522-9057 or send me an email @ jesse@jessejenish.com.