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2020 NATIONAL SALES STATS
National homes sales hit a record new high with 551,392 homes sold in 2020, which is a 12.6% increase over 2019. The average sale price also hit a new record of $620,301, which is a 8.2% increase over 2019. And market conditions were the tightest on record with less then 100,000 active listing by the end of 2020. That is shockingly 31.6% lower then at the end of 2019. Statistics are courtesy of the Canadian Real Estate Association.
I have been saying it for over 4 years now, inventory is down but the demand increases, so prices just continue to go up in record numbers. And there is no indication that will change anytime soon, especially in our market here in Central Ontario. Some areas saw a whopping 21% increase.
Fortunately waterfront properties are a little more stable and always have been. With statistics accumulated through the Toronto Regional Real Estate Board I see a 13% increase in Central Ontario in 2020. But that is the highest annual increase I've ever witnessed.
The exodus out of the GTA is the driving force. Covid, better overall quality of life and the growth of infrastructure has made the appeal of buying north that much more desirable.
The other thing I keep explaining is that if you want to get into the waterfront market do it now, especially if you want something nice under or even close to $1,000, 000. But that could also change quickly. Inventory is low and yet there is a huge demand. Waiting may just put you out of that market entirely. Give me a call if you want to talk specifics.