Canada's largest housing market was red hot in the final month of 2020 as Toronto's condo market showed fresh signs of life while sales soared across all property types.
Greater Toronto Area home sales surged 64.5 per cent year-over-year last month as 7,180 properties traded hands, according to data released Wednesday by the Toronto Regional Real Estate Board (TRREB). The average selling price for all homes sold in December was $932,222, representing an 11.2 per cent increase from a year earlier.
Detached homes were the hottest properties, as the average selling price in that category climbed 17.7 per cent to $1.24 million while sales soared 54.6 per cent year-over-year.
Meanwhile, after three straight months of decelerating sales, activity livened up in the GTA condo market. Sales soared 75.4 per cent year-over-year as 2,193 units were sold -- which was a slight uptick from November.
However, condo prices remained under pressure, particularly in the City of Toronto, where the average fell 4.7 per cent from December 2019.
"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. 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," said TRREB Chief Market Analyst Jason Mercer in a release.