Despite the unprecedented pandemic challenges we all faced in 2020 and the economic uncertainty, the real estate market bounced back relatively quickly. 

At the onset of the pandemic, the real estate market came to an abrupt halt in mid-March to May but very quickly started to bounce back towards the end of May and we saw an aggressive bounce back in the last six months of 2020.  As a result, in 2020 the real estate activity surpassed everyone’s expectations and 2020 was the 3rd best year on record. The average overall sales price increased by 11.2% to an average sale price of $932,222 in December 2020.



Overall sales in 2020 were up 8.4% compared to 2019.   In December 2020 sales were up 64.5%  compared to December 2019.  Sales were strongest in the suburban areas of Toronto than in Toronto and particularly for single-detached homes.  As the pandemic has made families realize that if they are working and studying from home they need more space. 

The increase in demand has resulted in not enough supply to meet demand resulting in many homes selling in bidding wars and selling for well above the asking price.  


While suburban detached homes experienced the highest price increase of 22.7% and condos throughout GTA experienced a dip in price with a -4.7% decrease in Toronto and a -2.0% in the suburbs.  I expect that as we get out of the pandemic the condo market will bounce right back.  The pandemic has created a great condo investment opportunity.  Prior to the onset of the pandemic the condo market was quite hot and new listings were sold quite quickly and frequently over the asking price. 

The other trend that we have seen as a result of the pandemic is smaller communities such as Barrie, Guelph, etc. have seen a dramatic increase in demand with low supply, and hence these communities are seeing significant price increases and starter homes are selling quite often in bidding wars for significantly above asking price.  Cottage country has also experienced a significant increase in demand in 2020.

The earlier expectations that we would see a housing market crash have all but disappeared.  The expectation is that the housing market will continue to remain hot for some time given current low mortgage rates and once immigration opens up the demand for housing will continue.  

The pandemic has created a great opportunity in the condo markets for investors, first-time buyers anyone considering downsizing to a condo.  The expectation is that once will start to pull out of the pandemic the condo market will bounce back very quickly.

Should you have any real estate questions or want to sell your current property reach out it would be my pleasure to help and answer any questions you may have.