This month the Toronto real estate sales statistics illustrate the dynamics of the market before, and since, the government's intervention in reducing the spread of COVID-19 which has disrupted the global community.
The results clearly show the real estate market was 'hot', with an increase in sales and values during the first 14 days of March 2020. The intervention introducing social distancing, self-isolation, and the closure of all non-essential services for the later half of the month resulted in a decline in activity.
Toronto has still, year over year, seen an increase in: the number of listings; the volume of trade; and values are now 14.5% higher on average than last year.
Here's the Toronto Real Estate Board's analysis for March 2020, as well as the entire calendar year, with graphics courtesy of Market Watch:
TORONTO, APRIL 4, 2020 - Toronto Regional Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,012 home sales through TRREB’s MLS® System in March 2020 – up by 12.3 per cent compared to 7,132 sales reported in March 2019.
However, despite a strong increase in sales for March 2020 as a whole, there was a clear break in market activity between the pre-COVID-19 and post-COVID-19 periods. For the purposes of this release, the start of the post-COVID-19 period was the week beginning Sunday, March 15.
• The overall March sales result was clearly driven by the first two weeks of the month. There were 4,643 sales reported in the pre-COVID-19 period, accounting for 58 per cent of total transactions and representing a 49 per cent increase compared to the first 14 days of March 2019.
• There were 3,369 sales reported during the post-COVID-period – down by 15.9 per cent compared to the same period in March 2019.
For March as a whole, new listings were up by three per cent year-over-year to 14,424. However, similar to sales, new listings dropped on a year-over-year basis during the second half of the month (beginning March 15) by 18.4 per cent.
The MLS® Home Price Index Composite Benchmark price was up by 11.1 per cent year-over-year in March 2020. The average selling price for March 2020 as a whole was $902,680 – up 14.5 per cent compared toMarch 2019. The average selling price for sales reported between March 15 and March 31, was $862,563 –down from the first half of March 2020, but still up by 10.5 per cent compared to the same period last year.
Love an infographic as much as we do? Here's one from our broker - Bosley Real Estate Ltd., Brokerage - based on the March 2020 TRREB stats for the City Of Toronto!
If you'd like to see more in depth figures - by housing type and/or geographical area - here's the complete set of March 2020 TREB Stats.
Now that you're self-isolating, are you finding your home needs a refresh? Here's our latest from our Dear Urbaneer Series called How Can I Feel More Comfortable At Home During Self-Isolation & Covid-19?
At Urbaneer.com, we’re here to help - all without pressure or hassle. We simply love what we do! With a multi-disciplinary education in housing, sound knowledge of the mechanics of real estate and a sharp skill set in evaluating properties for over two decades, we’re here to guide you through all the factors which play into Toronto's real estate market.
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000
- we're here to earn your trust, then your business -
*Like what you've read? Did you know we were recently listed as one of The Top 25 Toronto Real Estate Agents To Follow On Twitter, The Top 50 Blogs On Toronto and the Top 100 Real Estate Blogs In Canada!!? Consider signing up in the box below to receive our FREE monthly e-newsletter on housing, culture and design including our love for unique urban homes and other Toronto real estate!
*Love Canadian Housing? Check out Steve's Student Mentorship site called Houseporn.ca which focuses on architecture, landscape, design, product and real estate in Canada!