Is it safe to say that the Toronto real estate market is moving into uncharted waters in 2020?
The month of December is typically one of the two slowest sales months of the years for real estate transactions (August is the other traditionally slow month). It’s typically a good month for Buyers to jump into the market and snag a deal. However, the surprise was that December’s 5.8% increase marked the seventh consecutive month of acceleration. This is the highest growth rate since October 2017. A lack of inventory, low mortgage rate and continuous migration to the GTA are the macro factors that are propelling the market.
The price of a typical detached home is moving higher across Greater Toronto. TREB reported the detached benchmark reached $961,100 in December, up 5.8% from a year before. The City of Toronto is naturally higher at $1,157,100, up 5.44% over the same period.
