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Toronto Real Estate Board says home prices hit record in 2020 as sales climbed

Last Updated Jan 6, 2021 at 8:00 am EDT

FILE - In this April 1, 2020 photo, a "For Sale" sign stands in front of a home that is in the process of being sold in Monroe, Wash., outside of Seattle. Sales of new homes jumped again in July, rising 13.9% as the housing market continues to gain traction following a spring downturn caused by pandemic-related lockdowns. The Commerce Department reported Tuesday, Aug. 25, that July's gain propelled sales of new homes to a seasonally-adjusted annual rate of 901,000. (AP Photo/Elaine Thompson, File)

TORONTO — The Toronto Real Estate Board says the average price of a home sold last year hit a new record as the number of sales climbed 8.4 per cent compared with 2019.

The board says the average selling price in Greater Toronto was $929,699 in 2020, up 13.5 per cent from $819,279 compared with 2019.

The number of homes sold in 2020 in the Greater Toronto Area totalled 95,151, up from 87,751 in 2019, and the third-best year on record, according to the board.

The board says after a steep drop in the spring due to the pandemic, the market took off in the second half of the year.

The results for the full year came as the Toronto board reported home sales in December soared to 7,180 compared with 4,364 in the final month of 2019.

RELATED: GTA home sales up nearly 25 percent from a year ago, condo prices down

The average price of a home sold in December was $932,222, up from $838,662.

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