Toronto Market Report
How COVID-19 impacted our real estate market
May 2020
How COVID-19 impacted our real estate market
May 2020
We're all in the same STORM...but we're all not in the same boat!
It's been 7 weeks since we first faced adversity and a life-threatening pandemic. Having had this time to work both with people and on my business, I wanted to start with this months Market Watch report with a few thoughts. Are we stuck at home or ARE WE SAFE AT HOME? Thoughts dictate feelings, feelings control action, and actions determine events. Here are my real estate THOUGHTS, FEELINGS, ACTIONS that I have analyzed during this period.
My advice is simple. Stay calm, if you are considering selling, start searching homes in your community to see listing prices and what sold, contact me to get a home value opinion (it's free, so use it), and develop a plan where you want to move next. If you are a buyer, contact your mortgage professional (or if you don't have one contact me and I will provide only trusted ones I work with that have proven themselves to my clients) and update your pre-approval status. Re-evaluate your lifestyle and what you really want in the neighbourhood and home characteristics (what can you live without and what is a MUST have). Most importantly, listen to your gut and stay within your budget range and don't let another realtor tell you to spend more than your comfortable with (work with a real estate advisor, like me, who is here to help you and aligned to your goals and not their own agenda). People matter...You matter!
If you’re thinking about buying or selling your home, it's important to have a good understanding of what’s going on in the Toronto market. Knowing the most important data such as the average sales price, the number of homes sold, and days on market will better prepare you to sell or buy your home.
The April 2020 market report showcases everything you need to know about the GTA and local Toronto real estate trends.
If you are looking for micro-specific neighbourhood data please email for a personalized report important to you. It would be my pleasure to have that conversation and provide you with FACTS important to you.
★refers to the average number of days a property was on the market before selling irrespective of whether the property was listed more than once by the same combination of seller and brokerage during the original listing contract period.
TORONTO, ONTARIO, May 5, 2020 – Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for April 202
Home Sales and Listings • Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® System. This result was down by 67 per cent compared to April 2019. Weekday sales remained within a relatively steady range during the month, averaging 130 per day. • New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales (-64.1 per cent
Home Prices
Sales
New Listings
Active Listings
Avg Listing Days On Market
★ Avg Days On Market For Sold Properties
Average Sales Price
Average Selling Price To Listing Price
Active Listings
Average Days on Market
Months of Supply
TRREB GTA Unit Sales Year Over Year By Major Home Type
Detached
-65.3%
Townhouse
Semi-Detached
Condominium
Toronto Regional Real Estate Board Average Price Year Over Year By Major Home Type
Detached
$681,393
Townhouse
Semi-Detached
Condominium
Represents all home types in all price ranges