As was widely expected, the impact of COVID-19 and the resulting social distancing is starting to be felt in the housing market, as both month-over-month and year-over-year sales (based on sold date and sold entry date) declined across both the City of Toronto and surrounding Greater Toronto Area. While real estate brokerages and agent services have been named as essential businesses by the Ontario government, there has been strong encouragement from local and provincial real estate boards and associations to avoid all in-person interactions during home transactions, such as the cancelling of open houses and conducting all showings virtually. Given the current circumstances, it’s not surprising that buyers and sellers without an urgent need to be in the market are taking a seat on the sidelines while the threat of the virus is still prevalent.
Over the past week a total of 79 detached houses sold in the 416 region, down -25% from February’s activity, and -22% year over year. In the 905 market, a total of 372 sold, down -15% m-o-m and -9% y-o-y. Semi-detached houses were the only home type to see a short-term uptick with 28 sales in the 416, up 17% m-o-m and down -15% y-o-y. In the 905, 86 sold, down -7% m-o-m and -11% y-o-y.
Meanwhile, there was a total of 20 transactions for townhouses for sale in Toronto, down -29% m-o-m and -35% y-o-y, while 58 sold in the 905, down -21% m-o-m and -36% y-o-y. Condo sales had a similar performance with 128 transactions in the 416, down -28% m-o-m and -17% y-o-y, while 199 units sold in the 905, down -26% m-o-m and -23% y-o-y.
