As the first month of the New Year comes to an end, we get a glimpse into 2021 and what the Toronto housing market has in store. Despite the cold weather, January came in hot with a total of 6,928 monthly transactions, representing a year-over-year increase of a whopping 52.4% in sales.
While this number might seem big, we have to consider that real estate activity, particularly over the last few months, has been abnormal. For example, as stated in our market update for November 2020, a record number of homes were sold in October which represented a 25.1% increase from the previous year. This trend continued into November and December to close out the year.
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Interestingly, the number of sales wasn’t the…