GTA Real Estate market sees record-high home-buying in 2020
Wednesday Jan 06th, 2021
💥Greater Toronto real estate market sees record-high home-buying activity for sales over $3 million in 2020.
Luxury home sales over $3 million set a new record in the midst of a pandemic in the Greater Toronto real estate market, with the number of freehold and condominium properties sold in 2020 topping peak 2017 levels.
More than 1,000 properties changed hands over the $3 million price point in 2020, up 55.7 per cent from 2019 (1,062 versus 682) and edging one per cent ahead of the record set in 2017 (1,062 versus 1,047). The number of homes sold over $4 million climbed 53.4 per cent year-to-date (379 versus 247), while sales over $5 million appreciated 44 per cent to 180 in the GTA, up from 125 in 2019.
The housing bounce-back – during one of the most tumultuous periods in recent history – has been nothing short of remarkable. A combination of both economic and psychological drivers contributed to a robust upswing in demand, influencing one of the greatest pivots in Greater Toronto housing market history.
As borders re-open worldwide, immigration will weigh heavily on local housing markets as the federal government shifts its attention to economic growth. Just over 400,000 immigrants are expected in 2021, with nearly half projected to settle in Ontario. Economic fundamentals are also predicted to improve significantly in 2021, with GDP growth forecast to climb 4.5 per cent in the province.
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