Health and economic measures to slow the spread of COVID-19 are in full-effect across the province, and the repercussions on the real estate market in the GTA and the City of Toronto are clearly visible. The issue of a low supply of real estate listings in Toronto is exacerbated as a result of these measures, resulting in a marked decline in sales activity across the region at a time when the spring market would otherwise be in full swing. Between April 1-7, the number of homes sold and entered in the TRREB MLS system for each of the major property types (detached and semi-detached houses, and condo apartments and condo townhouses) in the GTA plunged over 65% year-over-year (y-o-y), and over 70% y-o-y in the City of Toronto.
The impact was most pronounced in the condo market segment, particularly for condo apartments. Based on transactions sold and entered for April 1-7, condo apartments slowed by 75% y-o-y in the GTA with 74 transactions and 74% y-o-y in the City of Toronto with 50 transactions. There was a considerable shift looking back to even one week ago, with condo apartment sales down 37% in the GTA and 32% in the City of Toronto. Condo townhouses followed a similar trend; there were 29 sales in the GTA this past week representing a 66% y-o-y decline and a 42% drop week-over-week (w-o-w). In the City of Toronto, just 9 condo townhouses sold, marking a 40% decline w-o-w and a staggering 72% annual decrease.
In the freehold segment, 166 detached houses were sold and entered in MLS for the GTA between April 1-7, marking a 25% decline since the week prior and a 70% y-o-y drop. Semi-detached homes in the GTA saw a 67% y-o-y decline and a more modest 9% w-o-w drop in sales with 42 transactions. A total of 44 detached homes changed hands in the City of Toronto, reflecting a 21% dip w-o-w and a 71% annual decline. There was also a 71% y-o-y decrease in semi-detached home sales in Toronto, with 13 transactions taking place over the past week.
