Looking back on 2020, it is definitely one for the record books. It was a tough year and some days were harder than others that’s for sure, but there was a silver lining in 2020. Communities seemed to come together and we got to know our neighbours a little better. We all owe a debt of gratitude to the front line workers, health care providers, sanitation crews, grocery store clerks, delivery drivers and everyone who served the community throughout the year. We must also continue to support all the local businesses as they make it through these tough times.
If we think back to March of last year most people were not predicting the real estate market to do this well and many predicted the complete opposite. I guess hindsights 2020. We now know that while the pandemic has wreaked economic havoc on some, for others it has had the opposite effect. This opportunity for some to save, the extremely low cost of borrowing and the emerging trend of working remotely has fuelled the market. Couple this with the low inventory of homes and boom prices go up. There doesn’t seem to be any major changes coming, so I anticipate the upward trajectory to continue, at least through the first half of 2021. If we can vaccinate enough of the population where we start seeing service, entertainment, tourism and immigration returning, then look for the condo segment to start bouncing back as people move back into the cities core, which may help to balance the market later in the year.
Highlights from 2020 reported by TRREB.
- After a noticeable dip in activity between March and April market conditions improved dramatically and the second half of the year saw consecutive months of record sales and average selling prices.
- 95,151 sales were reported through TRREB’s MLS® System – an increase of 8.4 per cent compared to 2019.
- Sales growth was strongest year over year in the regions surrounding Toronto, particularly for single-family home types.
We have been working on some exciting things for 2021 and are looking forward to helping our clients acheive all of their real estate goals this year. Stay safe and please feel free to reach out if you have questions or are looking at making a move this year.
The JSA team