The 2020 market started off like gangbusters. It was the hottest market since early 2017 when the government had to step in with measures to cool off the scorching hot market. Q1 2020 was much the same with price appreciation in the 10%-15% range. And then came the thud that was and still is Covid-19. Q2 was a write off as the traditionally strong spring market was virtually non-existent. Q3 brought with it warmer weather and a sense of optimism and a return to a strong real estate market. That momentum has continued into Q4. Yes, the condo market has been impacted however that is mostly smaller 1 bedroom and bachelor units downtown that are essentially rental units. Two and three bedroom condos continue to perform well. The first time buyer market for houses has remained as strong as ever with multiple offers still the norm. The luxury home market also continues to surge forward with record prices. By all accounts the suburbs as well as recreational property are also trending well above last year. And so it seems not even Covid-19 can stop the Toronto Real Estate Market from surging to a new high with the average sale price of homes up 13.7% year-over-year with an average sale price of $968,318.
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