TORONTO, May 05, 2020 (GLOBE NEWSWIRE) -- 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 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).

“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 down.

“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 apartments.
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 489.
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 2019.

“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 Price¹

	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
¹Preliminary 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.

Media Inquiries:Mary Gallagher, Senior Manager, Public Affairs maryg@trebnet.net 416-443-8158

www.trreb.ca/

The Toronto Regional Real Estate Board is Canada’s largest real estate board with more than 56,000 residential and commercial professionals connecting people, property and communities.

Toronto Regional Real Estate Board Releases Monthly Market Report

Related Articles

More articles issued by

More articles related to:

Research Analysis and Reports