GTA REALTORS® Release Monthly Resale Housing Figures For April 2020

TORONTO, ONTARIO, May 5, 2020 – Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for April 2020:

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
  • 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).

“The necessary social distancing and economic impacts associated with COVID-19 clearly impacted home sales and listings throughout April 2020. However, REALTORS® have been able to facilitate some transactions on behalf of buyers and sellers through the use of innovative techniques including virtual open houses. TRREB has also provided a live stream virtual open house option on Member listings featured on our public websites, and I would expect the use of these innovative techniques to increase as some level of social distancing remains in place for the foreseeable future,” said Mr. Collins.

“TRREB Members should continue to follow directives and guidance being given by the government and public health agencies. TRREB’s professional development staff are continuously working to educate our Members via virtual webinars on using technology in innovative ways to conduct business virtually, including video, virtual tours and the use of electronic forms wherever possible,” said TRREB CEO John DiMichele.

Home Prices

  • The average selling price for April 2020 transactions was $821,392 – up by 0.1 per cent compared to the average price of $820,373 reported for April 2019. The semi-detached and townhouse market segments experienced annual average price growth above the rate of inflation. The condominium apartment and detached segments experienced year-over-year price declines on average.
  • The trend for the MLS® Home Price Index Composite Benchmark, which had been on an upward trajectory since the beginning of 2019 flattened in April. On a year-over-year basis, the Benchmark was up by 10 per cent.
  • The MLS® HPI indices represent prices for typical homes with consistent attributes from one period to the next. The fact that the MLS® HPI was up year-over-year by a greater rate than the average selling price suggests that the share of higher end deals completed in April 2020 versus April 2019 was

“When thinking about home prices, it is important to remember that the pace of price growth is dictated by the relationship between sales and listings. So, while the onset of COVID-19 has understandably shifted market conditions and resulted in average selling prices coming off their March peak, there has continued to be enough active buyers relative to available listings to keep prices in line with last year’s levels,” said Jason Mercer, TRREB’s Chief Market Analyst.

Condominium Apartment Rental Market

 TRREB is also providing summary condominium apartment rental market statistics for April 2020. Conditions in the GTA rental market have also changed since the first quarter of 2020.

  • Rental transactions reported through TRREB’s MLS® System were down on a year-over-year basis in April for both one-bedroom and two-bedroom condominium
  • One-bedroom condominium apartment rental transactions were down by 57.9 per cent to 754; two-bedroom rental transactions were down by 54.4 per cent to
  • Average rents for one-bedroom and two-bedroom apartments were down on a year-over-year basis in April 2020 as well. The average one-bedroom rent was $2,107 – down 2.7 per cent compared to April 2019. The average two-bedroom rent was $2,705 – down 4.1 per cent compared to April

“These are unprecedented times. Past recessions and recoveries do not necessarily provide the best guide as to how the housing market will recover from the impact of the COVID-19 pandemic. A key factor for the housing market recovery will be a broader reopening of the economy, which will result in an improving employment picture and a resurgence in consumer confidence. To this end, it is reassuring that the province is taking measured and carefully monitored steps towards safely opening up some parts of the economy,” said Mr. DiMichele.

 

Summary of TRREB MLS®  Sales and Average Price – April 1 – 30, 2020

2020 2019
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 1,036 881,424 2,223 3,219 904,199 5,736
Rest of GTA (“905”) 1,939 789,317 3,951 5,786 773,736 11,476
GTA 2,975 821,392 6,174 9,005 820,373 17,212

 

TREB MLS® Sales By Home Type – April 1 – 30, 2020 – Home Type

Detached Semi-Detached Townhouse Condo Apartment Other Types All Types
All Areas Sales 1,412 324 532 667 40 2,975
Yr./Yr. % Chg. -66.0% -62.1% -65.3% -71.6% -66.4% -67.0%
Halton Sales 174 20 105 36 3 338
Yr./Yr. % Chg. -66.8% -62.3% -59.8% -68.4% -72.7% -64.9%
Peel Sales 237 93 116 73 1 520
Yr./Yr. % Chg. -72.7% -69.0% -69.2% -79.6% -91.7% -72.9%
Toronto Sales 313 126 108 482 7 1,036
Yr./Yr. % Chg. -67.9% -54.8% -68.4% -69.9% -63.2% -67.8%
York Sales 247 45 87 50 7 436
Yr./Yr. % Chg. -68.1% -65.9% -71.9% -76.6% -79.4% -70.2%
Durham Sales 345 34 98 25 11 513
Yr./Yr. % Chg. -53.1% -51.4% -47.6% -53.7% -52.2% -52.0%

 

TREB MLS® Average Price By Home Type – April 1 – 30, 2020 – Home Type

Detached Semi-Detached Townhouse Condo Apartment Other Types All Types
All Areas Average Price $983,630 $865,971 $681,393 $578,283 $649,120 $821,392
Yr./Yr. % Chg. -3.5% 7.0% 3.8% -1.7% -3.6% 0.1%
Halton Average Price $1,064,805 $765,690 $695,854 $506,306 $835,000 $870,966
Yr./Yr. % Chg. 0.7% 10.4% 8.5% 0.1% 6.4% 1.8%
Peel Average Price $997,803 $745,646 $644,549 $490,118 $750,000 $802,155
Yr./Yr. % Chg. 5.1% 5.3% 4.3% 7.1% 6.2% 6.5%
Toronto Average Price $1,249,730 $1,096,437 $784,899 $612,300 $563,000 $881,424
Yr./Yr. % Chg. -7.8% 4.0% 3.5% -4.0% -7.4% -2.5%
York Average Price $1,149,487 $814,973 $783,113 $542,254 $917,843 $968,499
Yr./Yr. % Chg. 3.0% 4.4% 7.8% 1.3% 8.2% 6.1%
Durham Average Price $662,126 $524,441 $537,601 $364,788 $561,409 $612,563
Yr./Yr. % Chg. -1.1% 6.1% 7.5% -10.6% 2.8% 0.0%

 

April 2020 Year-Over-Year Per Cent Change in the MLS® HPI

Composite (All Types) Single-Family Detached Single-Family Attached Townhouse Apartment
TRREB Total 10.22% 8.49% 9.60% 10.79% 13.21%

 

Halton Region 10.36% 9.65% 8.38% 12.90% 12.94%
Peel Region 12.55% 10.71% 11.86% 12.57% 17.94%
City of Toronto 10.43% 7.95% 8.24% 8.01% 12.51%
York Region 7.66% 6.55% 8.32% 6.83% 12.74%
Durham Region 9.73% 9.03% 10.63% 10.57% 14.17%
Orangeville 6.87% 6.82% 9.78%
South Simcoe County1 10.62% 13.00% 9.14%
Source: Toronto Regional Real Estate Board
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

 

Annual Summary of TRREB MLS® Sales and Average Price

Year-to-Date
2020 2019
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 7,864 952,857 13,277 9,030 850,262 16,711
Rest of GTA (“905”) 14,884 843,898 25,781 16,057 758,564 33,789
GTA 22,748 881,565 39,058 25,087 791,571 50,500

 

Annual TRREB MLS® Sales & Average Price By Home Type Year-to-Date 2020

Sales Average Price
416 905 Total 416 905 Total
Detached 2,256 8,420 10,676 1,425,426 987,409 1,079,968
Yr./Yr. % Change -7.7% -3.7% -4.5% 9.9% 9.2% 9.1%
Semi-Detached 624 1,440 2,064 1,136,141 745,819 863,823
Yr./Yr. % Change -17.5% -6.7% -10.2% 8.6% 9.8% 8.0%
Townhouse 806 3,027 3,833 819,673 684,413 712,855
Yr./Yr. % Change -13.7% -8.4% -9.5% 7.9% 11.2% 10.1%
Condo Apartment 4,130 1,781 5,911 696,983 527,307 645,859
Yr./Yr. % Change -14.7% -20.0% -16.4% 13.4% 13.3% 13.8%
 

Apartment Type

 

Month/Year

 

Rentals

 

Average Rent

One-Bedroom Apr. 2020 754 $2,107
Apr. 2019 1,790 $2,165
Yr./Yr. % Chg. -57.9% -2.7%
Two-Bedroom Apr. 2020 489 $2,705
Apr. 2019 1,072 $2,821
Yr./Yr. % Chg. -54.4% -4.1%
Source: Toronto Regional Real Estate Board

*Note: A broader breakout of condominium apartment and condominium townhouse rental statistics by bedroom type and TRREB  areas and municipalities will continue to be provided in TRREB’s quarterly Rental Market Report.                                                                   

 

Seasonally Adjusted TRREB MLS® Sales and Average Price 

 

Sales

Month-over-Month

% Chg.

 

Average Price

Month-over-Month % Chg.
April ’19 7,078 10.2% $787,535 0.7%
May ’19 7,356 3.9% $802,162 1.9%
June ’19 7,513 2.1% $812,342 1.3%
July ’19 7,884 4.9% $824,215 1.5%
August ’19 7,989 1.3% $825,904 0.2%
September ’19 7,993 0.1% $837,281 1.4%
October ’19 7,840 -1.9% $839,945 0.3%
November ’19 7,835 -0.1% $846,374 0.8%
December ’19 7,626 -2.7% $874,283 3.3%
January ’20 7,763 1.8% $875,767 0.2%
February ’20 8,902 14.7% $904,450 3.3%
March ’20 6,936 -22.1% $894,745 -1.1%
April ’20 2,347 -66.2% $789,274 -11.8%

Source: Toronto Regional Real Estate Board; CREA Seasonal Adjustment

1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends.

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