|Sales & Price Growth Stall During Lockdown|
|The Toronto Regional Real Estate Board’s (TRREB) latest market report is out and, with it, key housing market statistics for the turbulent April 2020 period. “The necessary social distancing and economic impacts associated with COVID-19 clearly impacted home sales and listings throughout April 2020,” said TRREB president Michael Collins.
TRREB’s MLS System recorded 2,975 residential transactions, reflecting a 67 percent decrease compared to April 2019, while new listings also took a hit, coming in at a total of 6,174, down 64.1 percent on a year-over-year basis.
The average selling price for April came in at $821,392, up by 0.1 percent compared to the same period last year, bucking a year-long trend of steady growth (March recorded a 14.5 percent year-over-year increase).
Although it was up by 10 percent, the MLS Home Price Index Composite Benchmark’s 16-month upward trajectory flattened.
TRREB continues to operate in a forward-thinking, constructive spirit. Mr. Collins also highlighted in the report that despite the current conditions, “Realtors have been able to facilitate some transactions on behalf of buyers and sellers through the use of innovative techniques including virtual open houses.”
The board has also provided a live stream virtual open house option via its public websites and will continue to champion the use of innovative techniques like video tours and electronic forms via virtual webinars while social distancing remains in full force.
|Condo Market Experiences a Decline In Sales & Rentals|
|The latest report from Toronto Regional Real Estate Board (TRREB) is out, and statistics directly reflect the unstable market conditions brought on by the advent of COVID-19.
According to TRREB’s MLS System, April 2020 saw a total of 2,975 residential sales, a dramatic 67 percent year over year increase. Similarly, there was a 64.1 percent drop in new listings.
April’s average selling price clocked in at $821,392, up by 0.1 percent on last year’s average, which reflects a stall in the steady growth seen in this area since last year. While the semi-detached and townhouse market segments experienced annual average price growth, the condominium market experienced a year-over-year decline.
The average price for a condo apartment in the GTA in April was $578,283, a relatively small -1.7 percent year-over-year change. While sales totalled 667, representing a 75.3 percent decrease – the largest year-over-year difference across all major housing types. TRREB’s MLS System also recorded a reduction in rental transactions for condos, dropping 57.9 percent for one-bedroom apartments and 54.4 percent for two-bedroom apartments.
While it remains uncertain how the housing market will recover, TRREB CEO John DiMichele points toward the broader re-opening of the economy as a potential boost in consumer confidence and an improved picture of employment. “To this end, it is reassuring that the province is taking measured and carefully monitored steps towards safely opening up some parts of the economy,” said Mr. DiMichele.