The Greater Toronto Area real estate market has clearly been impacted by COVID-19. However, real estate has been identified as an essential service, and Realtors continued to work with clients that absolutely had to move. In the month of April, we have definitely seen a significant drop in sales volumes and listing volumes.
In April we have seen sales volumes drop by 67% in comparison to April 2019, and new listings were down by 64%. Volumes are down but Realtors have continued to support clients with buying or selling homes primarily in situations where clients needed to buy or sell as a result sales did continue to take place in the month of April and prices slightly increased on average by 0.1%.
However, when we look at the different house types the percentage of price changes did vary. Detached homes saw the largest price drop of -3.5%, semi-detached homes actually saw a price increase of 7%, and townhomes also saw a price increase of 3.8%, while condos saw a price decrease of -1.7%.
The steady population growth and low borrowing costs will, however, help the real estate market bounce back relatively quickly once we see COVID-19 starting to slow down. There is definitely increased confidence given the discussion of starting to open up the economy in the last week. The projection is that we will see the spring market activity spill into the summer months and fall months.
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