According to the statistics released from the Toronto Regional Real Estate Board (TRREB) on their mid-April Market Update, the first half 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 is still almost the same. This is the following breakdown of the real estate activity during the first 17 days of April:
- Greater Toronto Area REALTORS® reported 1,654 home sales through TRREB’s MLS® System during the first 17 days of April. The number of home sales is down by 69% compared to the same period in 2019.
- The number of new listings reported during the first 17 days of April 2020 was 3,843, down by 63.7% compared to the same period in 2019.
- The average selling price for sales reported during the first 17 days of April 2020 was $819,665, down by 1.5% compared to the same period in 2019. The reduction in average price could be due to the changing composition of home sales, the City of Toronto, for example, the number of homes sold for more than two-million dollars declined more than overall sales. Average selling prices have not been noticeably lower than listing prices compared to last year. This is further evidence that the mix of homes listed has changed compared to last year rather than the actual; home price.
