Market Watch - April 2020

Wednesday May 06th, 2020

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April 2020 Market Watch

The Covid-19 virus has had numerous impacts on our lives and it has also affected the real estate market.  The impact on the real estate market can best be described as having dramatically been slowed down, somewhat like our lives have been slowed down.  While market activity has slowed down, the good news is that selling prices have remained fairly steady.

Here is a summary of the Great Toronto Area (GTA) for you, comparing April 2020 to April 2019 year over year.

 

Year-Over-Year Summary
  2020 2019 % Change
Sales 2,975 9,005 -67%
# New Listings 6,174 17,213 -64.1%
Average Price $821,392 $820,373 +0.1%
Listing Days On the Market 19 19 0.0%

 

When this data is examined by region and type of home, two observations are apparent.

  1. The 905 market is fairing better than the 416 market.
  2. Semi-detached and townhouses are contributing to price stability.  The average sale price of these two segments rose 7 % and 3.8 % respectively.  The average sale price of the detached and condo apartment segments dropped by 3.5% and 1.7% respectively.   

The numbers below tell the story.

Average Price --- Year-Over-Year % Change
  416 Average Price 416 % Change 905 Average Price 905 %Change
Detached $1,249,730 -7.8% $907,843 -0.8%
Semi-Detached $1,096,437 +4.0% $719,311 +4.2%
Townhouse $784,899 +3.5% $655,029 +4.4%
Condo Apt $612,300 -4.0% $489,654 +1.5%

Source:  Toronto Regional Real Estate Board

Here is a link to view the April 2020 full report of Market Watch:  https://communications.torontomls.net/mlshome/files/pdf/market-stats/market-watch/mw2004.pdf

For more information on your neighbourhood or for a free estimate of your property, please contact Otilia at 905.399.1154 or otilia@otilia.ca.

 

 

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