The HDB resale market performance was extraordinary last year as demand and prices rose strongly despite the pandemic and economic fallout. Last year, the HDB resale volume rose to its highest level in eight years; average price of resale flats was higher in 24 of 26 estates in Q4 2020. Despite the recent price hike, the HDB market may still not be at risk of a housing bubble now as prices are still 7.6 per cent below the peak in Q2 2013. The HDB resale market will continue to see a flurry of activities this year; prices and demand are expected to rise further.