Social distancing has certainly played a huge part in the slowing down of the real estate market across the areas I cover. As mentioned, we are no longer able to run public Open Houses and the way we conduct business as usual has changed with the introduction of more virtual services. Here are your April Market Results:
GREATER TORONTO AREA RESULTS
Greater Toronto Realtors® reported 2, 975 residential transactions through TRREB's MLS® system - this was down by 67% when compared to April 2019, New Listings amounted to 6,174 in April - again down by 64.1%.
"These are unprecedented times, Past recessions and recoveries do not necessarily provide the bet guid as to how the housing market will recover from the impact of COVID-19. A key factor for the housing market recovering will be a broader reopening of the economy, which will result in an improving employment picture and a resurgence in consumer confidence. To this end, it is reassuring that the province is taking measured and carefully monitored steps towards safely opening up some parts of the economy," said Mr. DiMchele TRREB's CEO.
The Average Selling Price for April 2020 was $821,392 up by 0.1%. The semi-detached and townhouse market segments experienced annual avaerage price growth above the rate of inflation. The condominium apartment and detached segments experience year-over-year prixce declines on average,
"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 shifed market conditions and resulted in average selling price s 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," said Jason Mercer, TRREB's Chief Market Analyst.
B URLINGTON APRIL RESULTS
Sales Activity for the Burlington market saw a decrease of 72% when compared to April of 2019 while the number of new listings were down by 65%. The tight market condition continues to be the norm making the Average Selling Price increase to $810,0456 or by 9%.
"The beginning of the year was quite active and we were anticipating a busy Spring; however, the number of new listings and sales within the RAHB market were down compared to the previous month and year as a result of the measure that were taken by the province," said RAHB President Kelly Della-Nebbia. For your full report on the Burlington market, please click here.
OAKVILLE & MILTON APRIL RESULTS
It was much the same story for the Oakville & Milton areas. Sales in total for both areas were 289 compared to 761 last year at the same time. Broken down the Oakvile area saw a decrease of 71.30% and Milton 65.22% in the number of sales in April 2020. The number of listing for both areas were 559 compared to 1,347. Since market conditions continue to tighten the Average Selling Price increased in Oakville by 9.68% and Milton by 3.40%. For your full report on Oakville click here and for Milton click here.