December’s market update is here!
Before sharing December’s market stats, we first want to recap 2020 and then finish this off by touching on 2021 predictions.
Despite the year we had with COVID, economic uncertainty & lockdowns, it was a record breaking year in Real Estate. The average sale price across the GTA reached a new record of almost $930,000. That is up 13% year over year. We saw a lot of competition for single family homes last year, which resulted in them experiencing the strongest price growth in the suburbs.
DECEMBER’S MARKET STATS
Let’s look at the December stats for Milton, Burlington and Oakville.
Now let’s talk about 2021 predictions. The real estate market was extremely competitive in 2020 and we are expecting 2021 to be no different.
There are 4 main factors that will impact the real estate market this year.
1. Immigration – In 2020 immigration dropped although Canada is planning on welcoming 1.2 million people between 2021 & 2023. ⠀
2. Interest rates – Interest rates have been at an all time low and are expected to stay low throughout 2021.
3. Housing supply – We have been in a sellers market for months now and with people continuing to make significant lifestyle changes we don’t anticipate this changing. Currently supply is extremely low, so if you have been thinking about selling now is a great time.
4. COVID 19 – The pandemic has caused buyer preferences to change. 2020 had many of us reconsider what is important to us, especially when it comes to our home. We anticipate home-buyer trends to continue to shift in 2021. ⠀
RE/MAX Canada is currently anticipating that Ontario will experience 7-12% price growth in 2021.
Do you have questions about the GTA real estate market?
Reach out to learn more about your local market—and how we can help!