TRREB Market Reports Reveal Insights into Latest GTA Home Sales

The GTA Saw an Influx of Home Sales and Rising Prices in Late 2020

TRREB Market Reports Reveal Insights into Latest GTA Home Sales | Storey Collective

The Toronto Regional Real Estate Board (TRREB) has now released its market data for December and January’s GTA home sales. As a result, realtors, buyers, and sellers have been quick to dive into the latest reports to examine the statistics. These stats provide clear insights into exactly how COVID-19 affected home sales last year. The stats also suggest the GTA has reclaimed its housing (including condos) market prowess..

Overall, TRREB’s December 2020 Market Watch report shows that GTA realtors collectively sold over 95,000 homes last year. It may come as a surprise to learn that this marks the third-highest sales record in history, especially as COVID-19 wreaked much havoc on GTA home sales last spring. Nonetheless, the average selling price reached a new high. And sales skyrocketed over the Christmas period as households relocated in time for the new year. January’s report only emphasizes this.

Here, we’ll delve into the latest TRREB stats so you can see exactly how coronavirus impacted housing markets. We’ll also take a look at how these markets are reforming for a healthier future.

GTA Home Sales: TRREB’s December 2020 Statistics

Here, we have broken down the main findings from TRREB’s December 2020 Market Watch report.

  • GTA realtors reported 95,151 home sales in 2020—8.4% higher than 2019’s sales. 
  • December reached a record 7,180 home sales—a whopping 64.5% higher than December 2019’s sales. 
  • 2020’s year-on-year growth was strongest in the GTA regions surrounding Toronto, especially for single-family homes in suburban locales. 
  • The 2020 average sale price reached a new record of $929,699—13.5% higher than 2019’s average sale. 
  • The average sale price reached a new record of $932,699 in December—11.2% higher than the average sale price in December 2019. 

Though property sales dipped between mid-March and May, market conditions improved dramatically over the latter half of the year. During these months, sales and selling prices soared in the GTA region.

“The Greater Toronto Area housing market followed an unfamiliar path in 2020,” says Lisa Patel, TRREB President. “Following the steep COVID-induced drop-off in demand during the spring, 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, there was a dichotomy between the single-family market segments and the condominium apartment segment,” adds Jason Mercer, TRREB Chief Market Analyst. “The supply of single-family homes remained constrained, resulting in strong competition between buyers and double-digit price increases. In contrast, growth in condo listings far-outstripped growth in sales. Increased choice for condo buyers ultimately led to more bargaining power and a year-over-year dip in average condo selling prices during the last few months of the year.” 

December’s Region-Specific Sales

In December alone, realtors closed:

  • 584 home sales in the Halton Region.
  • 1,486 in the Peel Region.
  • 1,366 in the York region. 
  • 773 in the Durham region.
  • 21 in Dufferin County.
  • 237 in Simcoe County. 
  • 2,713 in the Toronto region.

Taking a closer look at December’s home sales in Toronto, realtors closed 632 residential property sales in Toronto West, 1,396 in Toronto Central, and 683 in Toronto East. 

GTA Home Sales: TRREB’s January 2021 Statistics

Next up, here are the main conclusions from TRREB’s January 2021 Market Watch report.

  • Realtors closed 6,928 GTA home sales in January—over 50% more than in January 2020. This sales growth is consistent across all major segments, including condominium apartments, both in Toronto and surrounding GTA regions. It’s good to see home sales pick up so quickly after last year’s disruption. 
  • January 2021 also saw more new listings than January 2020, though growth hasn’t been as substantial as it has been for home sales. This is indicative of tighter market conditions, which have resulted in the continuation of double-digit growth in the MLS® Home Price Index.
  • The average selling price has risen by 15.5% since January 2020, peaking at $967,885. Meanwhile, the MLS® HPI Composite Benchmark has risen by 11.9% over the same period.
  • Low-rise market segments have triggered this price growth, though average condo apartment prices were down in Toronto during January. Looking ahead, if condo sales growth continues to outstrip condo listings growth, we’re likely to see renewed growth in condo prices this year.

January’s Region-Specific Sales

In January, realtors closed:

  • 637 home sales in the Halton Region.
  • 1,453 in the Peel Region.
  • 1,288 in the York region.
  • 651 in the Durham region. 
  • 33 in Dufferin County.
  • 201 in Simcoe County. 
  • 2,665 in the Toronto region.

In Toronto alone, realtors closed 650 residential property sales in Toronto West, 1,461 in Toronto Central, and 554 in Toronto East. 

Future Supply and Demand for Residential Properties

While the number of listings, residential transactions, and average selling prices climb, we can expect to see supply for homes in the GTA region to grow. An increase in supply will help create steady price growth to achieve a more sustainable, balanced market. 

Here at Storey Collective, we serve communities in Georgetown, Toronto, Mississauga, Oakville, Milton, and Burlington. You can check out each community page to catch up on our year-over-year and month-over-month market summaries.

If you’re considering moving to Toronto or the wider GTA, you might also find some useful information in our blog posts on which mortgage to opt for amid coronavirus, how Canada’s Immigration Levels Plan will help the condo market to recover from the pandemic, and real estate trends to look out for.

If you’d like advice about buying and selling in the GTA, you can get in touch with Storey Collective for a free phone consultation.