Over 95,000 home sales and average selling prices reaching a new record of almost $930,000 is how the Toronto real estate market wrapped up 2020.

Sales rose by 8.4% from 2019, and December’s tally of 7,180 sales resulted in a 64.5% year over year increase. Average selling prices rose by 13.5% hit a new record of $929,699 in 2020, including an average price of $932,222 in December for an 11.2% year over year increase.

Breaking down December for Toronto, a 41.9% increase in sales activity saw 657 detached homes sell, and average prices increase by 8.1% year over year to $1,475,758. The average price for semi-detached homes rose by 15.3% to $1,160,108 with 197 sales, a 57.6% increase in activity.

Townhouse sales activity increased by 60.9%, with 296 sales and average prices hit $842,902 and an increase of 17.6% from December 2019. With 1,551 sales, Toronto condo activity was up by a dramatic 75.0%, and the average price dipped by 4.7% compared to December 2019.

The Toronto housing market for 2020 was two tales of one city – constrained supply in the single-family home sector resulted in fierce competition between buyers with double-digit price increases. In contrast, the condo sector experienced growth in listings that outweighed growth in sales, resulting in increased choice for buyers and a year-over-year dip in average condo selling prices during the last few months of 2020.