Owning a beautiful abode is attaining a betterment of life. Real Happiness is buying your first home with all your hard earned savings and investing into the right property considered a wise idea.
To add an additional value to your money, it is recommended to always analyse the market and real-estate trends before making a solid call. In that way you are not only adding a value but also increasing the chances of doubling your money in near future. So let’s have a quick look at the Dec 2020 market watch which was recently released by TRREB.
Highlights from 2020 include-
95,151 sales were reported through TRREB’s MLS® System – up by 8.4 per cent compared to 2019. This included a record result for the month of December, with 7,180 sales – a year-over-year increase of 64.5 per cent.
Year-Over Year Summary-
Year-over-year sales growth was strongest in the GTA regions surrounding Toronto, particularly for single-family home types.
The average selling price reached a new record of $929,699 – up by 13.5 per cent compared to 2019. This included an average price of $932,222 in December – a year-over-year increase of 11.2 per cent. The strongest average price growth was experienced for single-family home types in the suburban regions of the GTA.
Sales Activity and Average Price-
After a pronounced dip in market activity between mid-March and the end of May, market conditions improved dramatically in the second half of the year, with multiple consecutive months of record sales and average selling prices.
“The Greater Toronto Area housing market followed an unfamiliar path in 2020. 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,” said Lisa Patel, Toronto Regional Real Estate Board (TRREB) President.
As Usual detached home sales topped with the total sales activity of 3,038 but compared to Nov 2020 it was 4,222 decrease percentage difference of 28% is noted. so the overall detached house property demand is still going well in GTA but look at the condo apt sales, it marked 2nd
highest with the total sale 2,193 it’s because a lot of individuals decided to buy a condo and pay a mortgage instead of paying high rentals.
Apart from the overall real estate market trend, it is important to know the area wise trend as well to invest in the right place.