December’s demand for GTA real estate continues to outpace supply. New listings were down by almost 12% as compared to last year, which correlates to why the sales volume this year did not surpass 2020. We just don’t have the inventory supply for the demand and continue to be in a critical state of inventory with more listings needed to hit the market.
The cities in our report continued to see tremendous gains. The average price for a detached home in Toronto (ironically down from November’s figures) to $1.7m, Mississauga detached just over $1.8m (up $200k over Nov), Oakville detached at $2.1 (slightly down from Nov), and Burlington detached up $120k from Nov ending at $1.62m.
Burlington is red hot with a remarkable increase in overall property values. Burlington Semi-detached up 34% over last year, freehold townhouses up 40%, condo townhouses up 44% and condos up 29%
We can’t stress enough that if you’re thinking of selling now is the time! Sellers, take advantage of our current market conditions. This is the time to have a conversation about your goals and to put together a timeline in preparing your home for sale before the traditional spring market time frame.
See the full details of the market activity by home type within our update – swipe or click on each image to view.
Whether you’re considering buying or selling, let’s chat about your goals and how we can help to achieve them. We have a strong pulse on today’s market, proven strategies and are Certified Negotiation Experts. 𝙒𝙚 𝙖𝙧𝙚 𝙛𝙤𝙘𝙪𝙨𝙚𝙙 𝙤𝙣 𝙮𝙤𝙪𝙧 𝙨𝙪𝙘𝙘𝙚𝙨𝙨!