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April numbers are in and boy is it an interesting one.
Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for April 2020: Home Sales and Listings • Greater Toronto Area realtors reported 2,975 residential transactions, this result was down by 67% compared to April 2019. New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales (-64.1%). “The necessary social distancing and economic impacts associated with COVID-19 clearly impacted home sales and listings throughout April 2020.
However, real estate agents have been able to facilitate some transactions on behalf of buyers and sellers through the use of innovative techniques including virtual open houses. 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. •
Summary:
When thinking about home prices, it is important to remember that the pace of price growth is dictated by the relationship between sales and listings. So, while the onset of COVID-19 has understandably shifted market conditions and resulted in average selling prices coming off their March peak, there has continued to be enough active buyers relative to available listings to keep prices in line with last year’s levels.
