May 9, 2020
TRREBR Market report April-2020
According to Toronto Regional Real Estate Board (TRREBR)’s report for April-2020, Sales in the month were down by a whopping sixty-seven percent while new listing fell by a similar rate compared to the same month a year ago, 2019.
It is interesting to know that the average home sale compared price to April-2019 was up by 0.1% even though it fell by almost 12% compared last month, March 2019.
Another interesting fact is the decline of -7.7% in the number of days a property remained in the market compared to last year in the same month, April 2019.
The major impact on the year-over-year price decline was experienced by condominium apartments and detached homes segments while the semi-detached and townhouse market segments witnessed an annual average price increase.
A common question being asked is it a Buyers’ market or Sellers’?
There is no simple answer to it, it depends. The average sales price went down compared to last month, so you can say buyers may have a chance to get some bargain. But the new listings went down by 64% coupled with average days on the market also went down almost -8%, creating a supply and demand scenario, so the Sellers may have an edge.
It is also interesting to note that the sales prices were still up by a slight margin compared to last year in the same month after falling almost 8% compared with last month.
What it tells us that the trend before COVID-19 pandemic in the Real Estate was moving fast towards North.
One can imagine once the markets get back to normal routines one can expect the same Northward trend to continue that was disturbed by the COVID-19 pandemic.
Take care of yourselves and follow the safety precautions defined by healthcare professionals.
Please pray for the safety of all and the cure for COVID-19 to be found at the earliest.
#BeSafeAndHelpOthersBeSafe
A. Q. Mufti
Follow the link for full TRREBR report: http://www.trreb.ca/files/market-stats/market-watch/mw2004.pdf
