Market Update – April 2020

On in So How's the Market in Toronto by

As expected we saw the market trends from the second half of March carry forward into April. COVID-19 and related social distancing measures continues to impact the Toronto real estate market.

 

Central Toronto REALTORS® reported 207 freehold home sales through the Toronto MLS® in April 2020. It was also reported that, on average, freehold homes sold for $1,405,029 in April 2020. That compares to 559 freehold home sales through the Toronto MLS® in April 2019. A 63% decrease in volume. It was also reported that, on average, freehold homes sold for $1,632,456 in April 2019. That is a 14% decrease in price.

 

Central Toronto REALTORS® reported 271 condo sales through the Toronto MLS® in April 2020. It was also reported that, on average, condos sold for $686,607 in April 2020. That compares to 910 condo sales through the Toronto MLS® in April 2019. A 70% decrease in volume. It was also reported that, on average, condos sold for $748,198 in April 2019. That is a 8% decrease in price.

 

Given the strength and resilience of the Toronto Real Estate market going into this pandemic, we have little doubt that it will recover. We feel this will occur once we are assured it is safe to reduce the social distancing requirements and there is a clear message from our different levels of Government that light is clearly visible at the end of the C-19 tunnel. Which I think we are already starting to see some glimmers. Canada is now, and will continue to be respected for the manner in which our governments worked together to navigate this challenge. Lessons need to be learned but no doubt this will make our country even more desirable, keeping one of our most important market drivers filling the demand pipeline as economic immigrants continue to desire living here, in GTA.

 

In the short term, we are seeing some balancing in the market but have not seen the bottom drop out. Demand is down but towards the last two weeks of April we did start to see an uptick in the number of buyers wanting to see properties.

 

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