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December 2020 Real Estate Market Update

December 2020 Real Estate Market Update

What was expected to be a banner year for Toronto’s condo sector ended on a low, with prices dipping 4.7% from December 2019.

The average selling price for a condo apartment was $625,828 in December 2020, down from $656,233 the previous year.

The reversal in the condo market — prices were accelerating at an unprecedented rate at the beginning of the year — is a result of the growth in listings in the second half of the year, which has provided more choice to buyers and ultimately led to greater bargaining power. Condo inventories swelled in December, with active listings up 172%.

But while condo prices have softened as listings have increased, their December 2020 sales were spectacular. At nearly 76% greater than the same period last year, sales numbers indicate there’s no shortage of condo buyers in Toronto, making it the market segment to watch in 2021.

Despite the shift in the condo sector, the Greater Toronto Area (GTA) real estate market had its third strongest year on record in 2020, recording more than 95,000 home sales. This represents an 8.4% increase over 2019 results, despite coming to a near-standstill in spring due to COVID-19. December 2020 sales were up a remarkable 65% from a year ago.

Year-over-year sales growth was strongest in the areas surrounding Toronto, particularly for single-family home types. Almost 80% of all detached homes sold were in the 905 region.

Overall prices accelerated further, particularly in the detached home sector, under extremely tight demand-supply conditions. The average selling price in the GTA reached $1,240,632, up 17.7% from December 2019.

In Toronto proper, townhomes saw the greatest increase in price year-over-year, up 17.6% to $842,902, from $717,369. Semi-detached homes weren’t far behind, rising in price 15.3% to $1,160,108, from $1,004,477.

Months of inventory at the end of December for single-family homes in Toronto was 1.0, indicating an extremely strong seller’s market. Average number of days on market was 21 days.

While the housing market as a whole bounced back in 2020, following the steep COVID-induced drop-off in demand between mid-March and the end of May, the next 12 months will be critical to its full recovery. In particular, the impact of resumption in immigration and the re-opening of the economy will be key.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in December. If you live in or are interested in obtaining real estate data on another neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.

Alderwood
Average Home Price: $1,169,469
Number of Homes Sold: 6
Average Days on Market: 24

In the community of Alderwood, 6 homes sold in December 2020, representing an increase of 4 homes over the same month last year. The average selling price for homes decreased 14.8% to $1,169,469 in December 2020, from $1,372,500 a year earlier. This may be attributed to sales of lower end homes in December 2020. Bungalows (3) accounted for half of all sales, followed by semi-detached (2) and two-storey detached homes (1). Average days on market significantly decreased to 24 days from 70 days year-over-year.

Average home prices for Alderwood for Q4 2020 are available here.

Islington-City Centre West
Average Home Price: $1,515,889
Number of Homes Sold: 18
Average Days on Market: 31

In the community of Islington-City Centre West, 18 homes sold in December 2020, representing an increase of 14 homes over the same month last year. The average selling price for homes rose 42.4% to $1,515,889 in December 2020, from $1,065,000 a year earlier. Bungalows (8) accounted for nearly half of all sales, followed by two-storey detached homes (6) in December 2020. Average days on market increased to 31 days from 20 days year-over-year.

Overall Average Condo Price: $555,588
Total Number of Condos Sold: 51
Average Days on Market: 28

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West decreased 0.2% to $465,544 in December 2020, from $466,578 in December 2019. Average days on market increased to 34 days from 14 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased 1% to $600,455 in December 2020, from $594,650 in December 2019. Average days on market increased to 32 days from 11 days over the same time period.

Average home prices for Islington-City Centre West for Q4 2020 are available here.

Long Branch
Average Home Price: $1,390,100
Number of Homes Sold: 5
Average Days on Market: 62

In the community of Long Branch, 5 homes sold in December 2020, representing no change from the same month last year. The average selling price for homes rose 4.9% to $1,390,100 in December 2020, from $1,325,100 a year earlier. Bungalows (3) and two-storey detached homes (2) accounted for all sales in December 2020. Average days on market increased significantly to 62 days from 18 days year-over-year.

Average home prices for Long Branch for Q4 2020 are available here.

Mimico
Average Home Price: $1,500,599
Number of Homes Sold: 11
Average Days on Market: 18

In the community of Mimico, 11 homes sold in December 2020, representing an increase of 3 homes over the same month last year. The average selling price for homes rose 22.8% to $1,500,599 in December 2020, from $1,221,813 a year earlier. Two-storey detached homes (7) accounted for nearly two-thirds of all sales last month. Average days on market decreased to 18 days from 23 days year-over-year.

Overall Average Condo Price: $646,425
Total Number of Condos Sold: 70
Average Days on Market: 39

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico decreased 4.6% to $513,371 in December 2020, from $538,277 in December 2019. Average days on market increased to 36 days from 19 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico decreased 3.4% to $730,624 in December 2020, from $756,250 in December 2019. Average days on market increased to 35 days from 31 days over the same time period.

Average home prices for Mimico for Q4 2020 are available here.

New Toronto
Average Home Price: $1,139,063
Number of Homes Sold: 4
Average Days on Market: 53

In the community of New Toronto, 4 homes sold in December 2020, representing an increase of 2 homes over the same month last year. The average selling price for homes increased 37.4% to $1,139,063 in December 2020, from $829,000 a year earlier. Bungalows (3) accounted for three-quarters of all sales last month. Average days on market increased to 53 days from 39 days year-over-year.

Average home prices for New Toronto for Q4 2020 are available here.

Stonegate-Queensway
Average Home Price: $1,462,731
Number of Homes Sold: 13
Average Days on Market: 25

In the community of Stonegate-Queensway, 16 homes sold in December 2020, representing an increase of 3 homes over the same month last year. The average selling price for homes declined 0.9% to $1,462,731 in December 2020, from $1,475,577 a year earlier. Two-storey detached homes (8) accounted for half of all sales last month. Average days on market increased to 33 days from 25 days year-over-year.

Average home prices for Stonegate-Queensway for Q4 2020 are available here.

Overall average condo price includes all condo apartment configurations. One-bedroom condos include one bathroom only. Two-bedroom condos include two bathrooms only. Accuracy is of upmost importance and information is correct at time of publication. However, it should be used for reference only as statistics and other details are subject to change without notice.