MID-APRIL MARKET UPDATE
Thursday Apr 23rd, 2020
TORONTO, ONTARIO, April 22, 2020 – Toronto Regional Real Estate Board President Michael Collins is reporting results for the first 17 days of April 2020, in order to provide some guidance on the impact of COVID-19 on the Greater Toronto Area housing market:
• Greater Toronto Area REALTORS® reported 1,654 home sales through TRREB’s MLS® System during the first 17 days of April – down by 69 per cent compared to the same period in 2019.
Year-over-year sales declines, in percentage terms, were greatest for the detached and condominium apartment market segments. In the detached segment, the higher end of the market was particularly impacted in the City of Toronto. The condominium apartment segment has traditionally attracted a high share of first-time buyers, who in times of uncertainty can put their decision to purchase on hold.
• The number of new listings was down on a year-over-year basis by a similar annual rate, declining by 63.7 per cent to 3,843.
The fact that new listings trended in a similar fashion to sales during the first half of April means that market conditions remained tight enough to provide support for the average selling price in line with 2019 levels.
• The average selling price for sales reported during the first 17 days of April 2020 was $819,665 – down by 1.5 per cent compared to the same period in 2019.
Uncertainty about market conditions due to COVID-19 certainly played a role in moderating the pace of year-over-year price growth during the first half of April. The changing composition of home sales also played a role. In the City of Toronto, for example, the number of homes sold for more than two-million dollars declined more than overall sales. This also had an impact on the average selling prices.
It should also be noted that selling prices have also followed listing prices, with average listing prices down by a similar amount. Average selling prices have not been noticeably lower than listing prices compared to last year. This is further evidence that the mix of homes listed has changed compared to last year.
April 1 to 17, 2020
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 588 885,371 1,381 1,940 919,788 3,460
Rest of GTA ("905") 1,066 783,422 2,462 3,403 782,628 7,135
GTA 1,654 819,665 3,843 5,343 832,430 10,595