“We can see that the market has slowed from November, which is normal due to the holiday season, as well as increasing COVID-19 cases throughout the province, and more regions in Ontario placed into lockdown throughout December,” says RAHB President Donna Bacher. “Despite being in either the Red Zone (Control) or Grey Zone (Lockdown) throughout December, we do not see the effects on the number of sales and new listings that we did in the spring lockdown. This activity could be the result of continued low interest rates, coupled with increasing consumer confidence due to the approval of the COVID-19 vaccine in Canada.”
The number of sales of single family properties within the entire RAHB market increased in December 2020 by 37.8 per cent compared to the same month last year, the number of new listings was up 34 per cent over last year, and the average sale price increased by 29.3 per cent to $829,226. Townhouse sales activity across the entire RAHB market area increased from December 2019 by 52.8 per cent, new listings were up 48.7 per cent, and the townhouse average sale price increased by 23.3 per cent to $615,775. Apartment-style property sales increased by 43 per cent from December 2019, new listings increased by 44.5 per cent, and the average price increased by 9.7 per cent to $472,330.
“The combination of record December sales and normal December listing activity resulted in lower listing inventory, putting upward pressure on house prices in the RAHB market area. The continued shift in demand to single-family homes has also contributed to the strong price growth,” says Bacher. “In December, townhomes saw the largest increase in the number of sales and new listings. For buyers seeking more living space, townhomes are often the most affordable option.”
Specific neighbourhoods within the overall RAHB market area see results that often differ from the average of the entire RAHB market area. Because neighbourhoods vary, determining the right price and conditions when buying or selling a property can be challenging. Local RAHB REALTORS® have the experience, knowledge and tools to help buyers and sellers make those big decisions.
Bacher adds, “RAHB REALTORS® will continue to work with clients to ensure their housing needs are met and will continue to use virtual technology to assist buyers and sellers during COVID-19. If you are entering the market as either a buyer or seller, working with a local RAHB REALTOR® will help ensure your real estate transaction is both successful and safe.”
**Average sale price can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. Talk to your local REALTOR®.