Analysis on TRREB home sales report for Mid April 2020

April 23, 2020

Toronto Regional Real Estate Board (TRREB) has released sales figures for pre and post COVID-19 Sales data.

We can see a sharp decline in both sales and new listings from April 1^st to April 17^th, 2020.

Total residential transactions during the first 17 days in April went down remarkably by -69%.

Total new listings had a similar effect and went down by 64% for the same period.

The Average Selling price also had a negative impact by going down by -1.5% during the same period compared to a year ago.

Having seen these numbers one can see the impact of COVID-19 on the housing market.

Since we don’t know how long these conditions would continue to prevail and when we will see an end to this pandemic, nothing can be said for certain what the trend would be post COVID-19.

But considering the momentum, we had pre-COVID-19 that had boosted the Sales up by 12.3% and Average Sales price of homes rose by 14.5%, and the home buyers, who have waited because of the current situation, would come out in the market and we can expect potential heating up the market.

It appears that the initial post-COVID-19 period could see lower sales prices and perhaps low inventory too but as the consumer confidence would be built the activity levels would react accordingly and both sales and price may take an upward trend.

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

Please on the link to read the TRREB VDO;