Each Executive Summary Report is for a specific TRREB zone combination and includes a map of the included zones and a 1 page summary for each property type (detached, semi-detached, townhomes, condos)
The Information / statistics you can find in each Executive Summary Report include:
Sales Volume / Number of Sales
In summary, December was a record month in terms of sales transactions for both the 416 as well as the 905. Inventory in the 416 continues to be historically high for condos and low for houses, with inventory being extremely low all across the 905.
In the 416 regions the slow down in foreign immigration (56,000 lower than 2019) is causing a short term rental surplus. Combine this with the new Airbnb rules (you can only rent your principal residence) and this has caused investors to list a historically high number of condos for sale.
In the 905, the mass local emigration from the city of more than 50,000 people has lead to unprecedented demand with a continued lack of inventory.
In summary, prices for detached properties continue to be up significantly year over year. In the 905 the further you move from the core, the higher the pricing increase. In the Toronto Core prices for detached are up 8.1% when compared to last December while in the overall 905 they are up over 22%.
With condos, we continue to see the same downward pressure on pricing as the market continue to see a flood of new listings each month. The 905 regions are seeing price growth in this category driven by significantly lower supply, while the core 416 saw prices drop by 4.7% year over year.
We anticipate this trend the begin reversing in the mid part of 2021 as immigration increases and locals begin to come back to live in the city. With our planned immigration it will only take a few months to absorb the current inventory levels for both rentals and sales, at which point prices will start back on inclines.
Download the full local summaries through the links below. If you would like more local reports, they are available upon request.
Immigration is the driver behind the price growth of real estate in the GTA. It is important to note that Toronto has seen net emigration of locals for a number of years. This year has seen a record 50,000 people move away from the city in search of more space and more affordable properties.
Please keep in mind that our net overall immigration is still positive, with most years being significantly so. To put things into content, 50,000 locals have emigrated away from Toronto over the past 12 months, while national and international immigration in 2019 was 117,000. Based on an average household size of 2, that would mean approximately 34,000 properties needed in Toronto to support net immigration in that year.
Based on these numbers, it’s easy to understand how the current levels of inventory will be absorbed once immigration returns to full force.
287 Davenport Unit 1
Toronto ON M5R 1J9
Berkshire Hathaway HomeServices Toronto Realty Brokerage
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