The Toronto Regional Real Estate Board saw tremendous growth year-over-year in December. With 7180 transactions, sales were up 63% in December 2020 compared to December 2019. The average price of a Toronto property also climbed 11% in the same period to $932,000.
Comparing 2019 quarterly data to 2020 shows just how devastating the impact of the pandemic was, but it also provides great insight into how well we bounced back.
Q2 sales in 2020 dropped -41.6% year-over-year with just 16,282 sales between April to June. During that same time period in 2019, sales reached 27,891 total. However, 2020 Q3 data shows a 36.5% increase in sales year-over-year and 32.7% increase in sales year-over-year in Q4 2020.
The big question remains: What can we expect in 2021? In our next clip we will talk about the Toronto condo market, the effects of working remotely and why I believe 2021 sales could surpass 2020 numbers.