In which city did average home prices drop last month? How’s the condo apartment market doing? Also, a 2020 holiday wish to you.
Or read the script here:
Strong Sales and Average Home Prices
The record pace of home sales continued for the 5th month in a row, being 24.3% higher in November of this year compared to the same month of last year.
I’m about to show you a chart showing how the average home prices have changed over the past 13 months in Toronto, Pickering, Ajax, Whitby and Oshawa.
Interestingly, the City of Toronto’s average home price for all home types dropped by 4.6% from October to November of this year. It’s important to note that Toronto’s average home price had climbed to over $1 Million in June 2020 and remained above that level for 5 months, until November, and that Toronto’s average home price is still up by 7.6% year-over-year. In Pickering, Ajax, Whitby and Oshawa, prices climbed from October to November in single-digit percentages. Also interesting is that the average home price in Pickering is only about $100,000 away from that of Toronto and that gap seems to be shrinking.
Average Home Prices by Home Type
What I’m going to show you next is a breakdown of the change in average home prices by home type compared to a year ago.
As you can see, the average home price increased in the double-digit-percentages in the detached, semi-detached and townhouse segments, whereas condo apartment average home prices dipped by 2.0%.
What you need to know if you own a condo apartment is that this dip in average home prices is projected to be temporary. Once we get past the pandemic and our population growth returns, we can expect the demand for condo apartments to return, for both the ownership and rental markets, which will translate into increasing home values again. This expectation also protects your investment from any imminent major crash in value.
Toronto is currently in the grey lockdown category and Durham Region is in the red. In real estate this just means that in-person open houses are not currently allowed. Real estate services continue to be considered an essential service, and I continue to operate my business, in accordance with the direction of public health officials, including wearing masks, practicing physical distancing and hand hygiene as much as possible and self-assessing on a daily basis.
On a lighter note, I hope that your holidays bring you some peace this year. It’s not a typical year, and that might mean that we might be taking an extra bit of care about the health and safety of our families and friends. My hope for you is that you find rest and relaxation in any extra time spent at home.
That’s my update for this month. If you have any questions, let me know.
A peaceful holiday season to all.
Bye for now.