Toronto 2020 Real Estate Market Statistics report – Record breaking
Toronto had a record breaking year with the highest average selling price ever, reaching $930,000. It was also the 3rd highest amount of recorded sales on record as well. The average selling price of $930,000 is a huge 13.5% increase over 2019. Unsurprisingly single family homes had a double digit increase of 13.2% increase. Followed by semi-detached and townhouse prices increasing by 11.6% and 12.3% Respectively. Condo prices lagged behind but still had a decent increase of 7.1%. How does all of this average out to an average price increase of 13.5% when individually they are all lower? The percentage of sales of single family homes increased, driving up the average price more than the average price of homes increased.
To get to the 3rd highest recorded number of total sales, Toronto had an increase of 8.3% over 2019. This also led to a small increase in Sales / New Listing. Inventory will be up 6.6% to start the year.
Average time on market for homes also decreased from 23 days to 18 days.
CMHC has not released a 2020 update on rental market statistics yet, however the continuing trend from 2019 can be expected with vacancy rates continuing to be quite low (~1.5%) and prices continuing their steady increase (Average of $1363 in 2018 and $1469 in 2019).