April’s home sales and listings have been clearly impacted by COVID-19 as the majority of GTA residents practice necessary social distancing. We’ll discuss how sales, new listings, and property prices have changed in the past month.
The GTA reported 2,975 residential transactions which is a 67% decrease compared to April 2019.*
New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by 64.1%.
Both home sales and new listings experienced a significant drop due to necessary social distancing and economic impacts associated with COVID-19. Those who did not urgently need to buy/sell their home in April most likely chose not to do so as public health regulations encouraged everyone to stay at home.
The average selling price for April 2020 transactions was $821,392 – up by 0.1% compared to the average price of $820,373 reported for April 2019. The semi-detached and townhouse market segments experienced annual average price growth above the rate of inflation. The condominium apartment and detached segments experienced year-over-year price declines on average.
Prices for homes remained steady in April especially for semi-detached and townhomes. Meanwhile, prices for condos and detached homes have decreased compared to last year which may give potential buyers a chance to get a good deal for these types of homes.
No one can say for certain where the market is headed for May, but Ontario is already taking steps to re-opening many services, stores, and businesses, albeit with many new safety procedures. Homes and real estate will always remain an essential part of our lives – and where there is supply and demand – buying and selling will continue.
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*Source: TREB’s MLS Market Watch, April 2020 Report