January 19th, 2021

2020 sets new sales record for Toronto homes priced $3 million and up

By The Canadian Press on January 7, 2021.

Condominiums are seen under construction in front of the skyline in Toronto, Ont., on Tuesday October 31, 2017. THE CANADIAN PRESS/Mark Blinch

TORONTO – Re/Max says a record number of Toronto homes priced over $3 million were sold last year, even amid the economic downturn during the COVID-19 pandemic.

The brokerage says real estate agents sold 1,062 Toronto homes over $3 million in 2020, up 55.7 per cent from the 682 sold in 2019.

Re/Max executive Christopher Alexander says spiking sales of high-end homes in the greater Toronto regions of Halton, Peel and York drove the record-setting market, as even luxury buyers tried to stretch their price-per-square-foot and take advantage of low interest rates.

Alexander says Canadians led the buying spree of Toronto’s multimillion-dollar homes, as the COVID-19 pandemic limited international homebuying.

At an annual breakfast hosted virtually by the Economic Club of Canada today, CIBC Chief Economist Avery Shenfeld said that the strong appreciation of high-end homes in Toronto could make it harder for middle-income homeowners to trade up.

Re/Max’s report comes after yesterday’s news from the Toronto Real Estate Board, which found that Toronto average home prices hit a new high of $929,699 in 2020.

This report by The Canadian Press was first published Jan. 7, 2021.

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