The start of a new year is always among the quietest for real estate activity, as buyers and sellers finish off the tail-ends of their holidays. Typically, though, following this week the market experiences a brief winter surge as the first listings of the year are brought online and home seekers start their searches afresh. That certainly appears to be the case this year, as month-over-month activity is down steeply from the same time frame in December. However, the 2020 GTA housing market is off to a much stronger start than in the initial weeks of 2019, with double-digit increases across nearly every home type. These improvements are seen both in the City of Toronto as well as in the surrounding 905 region, which includes the Mississauga, Brampton, and Vaughan real estate markets.
Detached house sales, which reflected consistent demand throughout 2019, experienced a deep freeze this week with just 17 transactions in the 416, down -81% m-o-m. However, on a y-o-y basis, that’s up 21%. A total of 84 sold in the 905, down -75% m-o-m and up 11% y-o-y. Semi-detached houses experienced a similar trend with just three trading hands in the 416, marking a -92% m-o-m drop, and flat from the year prior. In the 905, 17 homes sold, down -78% from December and up 13% y-o-y.
All types of multi-family housing experienced strong long-term gains while also absorbing monthly downturns. A total of seven townhouses sold in the 416, down -67% m-o-m but up 75% y-o-y. In the 905, 24 sold, down -59% m-o-m and up 26% y-o-y. In the always-busy condo segment, a total of 38 units sold in the 416, down -73% m-o-m and up 41% y-o-y, while 63 units sold in the 905, down -69% m-o-m and up 50% y-o-y.
