TREB has released their mid April market update for the GTA. In summary, sales activity is down by almost 70% compared to the same period in 2019. The greatest decline in sales reported are for detached homes and condominium sectors.
For detached homes: the biggest impact we see is in the higher end homes (over $2M).
For condominium market: decline is due to the high share of first–time buyers who have delayed their purchase decision as a result of Covid19 uncertainty. Another reason for the decline is that many condo corporations have curtailed entry for non-residents.
However, even with new listing inventory decreasing by almost 65%, the average selling price reported during the first 17 days of April 2020 was down only by 1.5% compared to the same period in 2019.
Interestingly enough, when I compared the stats by the area, Durham region sales were down by 55%, while Toronto, Halton, Peel and York area sales declined between 65% -75% depending on the house type and neighbourhood.
COVID-19 uncertainties have resulted in a temporary drop of real estate transactions. However, once recovery begins later this year, home buyers will take advantage of the low interest rates to satisfy housing demand that was not filled during spring time (usually the busiest time in real estate market).
If you would like to know the results for your neighbourhood, please contact me directly and I will create a personalized report based on your real estate criteria.
I am committed to providing you with facts and data on the current Real Estate market.
Stay safe and healthy.
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