According to the statistics released from the Toronto Regional Real Estate Board (TRREB) on their May Market Update, the month of May 2020 still affected by the coronavirus pandemic; however, the decline was less than the 67.1 % year-over-year decline reported for April 2020, which it is good news. On a month-over-month basis, May sales were up substantially compared to April. May 2020 sales increased by over 50 % compared to April 2020.
Sales and listings are more than 50% lower than in the same period in 2019; however, the average selling price increased by 3 % compared to last year. The following is the breakdown of the real estate activity during the month of May compared with the same period in 2019:
- Greater Toronto Area REALTORS® reported 4,606 home sales through TRREB’s MLS® System during May. The number of home sales is down by 53.7% compared to the same period in 2019.
- The number of new listings reported during May 2020 was 9,104, which is down by 53.1% compared to the same period in 2019.
- The average selling price for sales reported during May 2020 was $863,599.00, which is 3% up compared to the average reported for May 2019. According to Jason Mercer, TRREB’s Chief Market Analyst: “With home sales and new listings continuing to trend in unison in May, market conditions remained balanced. This balance was evidenced by year-over-year average price growth slightly above the Bank of Canada’s long-term target for inflation. If current market conditions are sustained during the gradual reopening of the GTA economy, a moderate pace of year-over-year price growth could continue as we move through the spring and summer months”.
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 May for both one-bedroom and two-bedroom condominium apartments.
One-bedroom condominium apartment rental transactions were down by 30.8 % to 1,290; two-bedroom rental transactions were down by 26.7 % to 820; however, similar to home sales, there was a marked improvement in rental transactions between April 2020 and May 2020
Average rents for one-bedroom and two-bedroom apartments were down on a year-over-year basis in May 2020 as well. The average one-bedroom rent was $2,086 down 5.1 % compared to May 2019. The average two-bedroom rent was $2,740 down 5.6 % compared to May 2019.
Have questions about the market or any specific properties? You can email me back or call me at 647-988-4179