Real Estate Market - April 2020

According to the statistics released from the Toronto Regional Real Estate Board (TRREB) on their April Market Update, the month of April 2020 has been drastically affected due to the coronavirus pandemic. Sales and listings are more than 60% lower than in the same period in 2019; however, the average selling price stills almost the same. The following is the breakdown of the real estate activity during the month of April compared with the same period in 2019:

Greater Toronto Area REALTORS® reported 2,975 home sales through TRREB’s MLS® System during the month of April.  The number of home sales is down by 67% compared to the same period in 2019.

The number of new listings reported during the month of April 2020 was 6,174, which is down by 64.1% compared to the same period in 2019.

The average selling price for sales reported during the month of April 2020 was $820,373, which is 0.1% up compared to the average 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.

Condominium Apartment Rental Market

Conditions in the GTA rental market have also changed since the first quarter of 2020.•Rental transactions reported through TRREB’s MLS® System were down on a year-over-year basis in April for both one-bedroom and two-bedroom condominium apartments.

One-bedroom condominium apartment rental transactions were down by 57.9 per cent to 754; two-bedroom rental transactions were down by54.4 per cent to 489.

Average rents for one-bedroom and two-bedroom apartments were down on a year-over-year basis in April 2020 as well. The average one-bedroom rent was $2,107 down 2.7 % compared to April 2019. The average two-bedroom rent was $2,705 down 4.1% compared to April 2019.