Toronto home prices hit new record in 2020 as sales climbed 8.4 per cent
A real estate sign is pictured on a lawn. THE CANADIAN PRESS Jonathan Hayward
TORONTO -- The Toronto Real Estate Board says the average price of a home sold last year hit a new record as the number of sales climbed 8.4 per cent compared with 2019.
The board says the average selling price in Greater Toronto was $929,699 in 2020, up 13.5 per cent from $819,279 compared with 2019.
The number of homes sold in 2020 in the Greater Toronto Area totalled 95,151, up from 87,751 in 2019, and the third-best year on record, according to the board.
The board says after a steep drop in the spring due to the pandemic, the market took off in the second half of the year.
The results for the full year came as the Toronto board reported home sales in December soared to 7,180 compared with 4,364 in the final month of 2019.
The average price of a home sold in December was $932,222, up from $838,662.