Traditional Spring Market Conditions Depicted Across the GTA in Early March <\/strong><\/h2>\n\n\n\nIn their latest monthly release, the Toronto Regional Real Estate Board<\/a> (TRREB) noted that sales were \u201cclearly driven by the first two weeks of the month,\u201d before emergency measures were introduced and when buyers and sellers were still gearing up for what was expected to be a busy spring market. Leading up to March 15, there were 4,643 transactions across TRREB, which is a 49 per cent increase compared to the same two week period the year prior. These transactions accounted for 58 per cent of all monthly transactions in the region in March. <\/p>\n\n\n\nGTA in Buyers\u2019 Market Territory After COVID-19 Measures<\/strong><\/h2>\n\n\n\nWith a growing number of home buyers and sellers choosing to stay out of the market in response to growing COVID-19 concerns and the resulting government measures, the region experienced a rapid change in market conditions over the latter half of the month. There were 3,369 sales reported from March 15 – 31, in what TRREB characterized as the \u201cpost-COVID period,\u201d which is 15.9 per cent lower than the same period last year.<\/p>\n\n\n\n
The slowdown in housing activity was most pronounced following Ontario\u2019s emergency declaration on March 17, and resulted in a distinct shift in sales-to-new-listings (SNLR) ratios<\/a> in favour of buyers\u2019 market conditions across virtually all home types in the region. There were just under half the number of sales across all home types (a 53 per cent drop) in the two weeks following the emergency declaration. This, coupled with a 30 per cent dip in new listings for semi-detached and detached houses and a 26 per cent drop in new listings for the condo market, transformed the GTA from a balanced to a buyers\u2019 market in just two weeks. <\/p>\n\n\n\nPrices Stable Across the Toronto Region Since February; Up Since 2019 <\/strong><\/h2>\n\n\n\nAt the high level, the average home price remains stable across the region at $902,680 compared to $910,290 last month and still depicts a y-o-y increase of 14 per cent. That being said, TRREB reported that prices experienced a decline in the second half of the month, when the sale price of $862,563 for the period between March 15-31. <\/p>\n\n\n\n
Detached and semi-detached house prices across TRREB were up 12 and 13 per cent y-o-y at $1,107,870 and $889,480 respectively. Condo apartment prices were up 18 per cent to $658,791. Compared to the previous month, prices across all housing types remained flat or experienced a slight decline, with condo apartments most impacted by a 3 per cent drop in prices compared to February.\u00a0<\/p>\n\n\n\n
The City of Toronto<\/a> experienced a similar trend – home prices for all housing types were up y-o-y. Detached house prices rose 16 per cent to $1,465,826 y-o-y, but remained flat compared to February 2020. Semi-detached house prices are down 4 per cent since February to $1,155,457 but up 13 per cent annually. Condo townhouses<\/a> were most impacted by a 7 per cent monthly drop to $728,250 but up 12 per cent y-o-y. Condo apartments experienced the highest annual growth rate at 18 per cent increasing to $712,746 but average prices remained flat since last month.<\/p>\n\n\n\nCheck out the infographics below to see how sales and prices have increased across all home types in for TRREB and the City of Toronto in March:<\/em><\/p>\n\n\n\n![\"\"](\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2020\/04\/treb-home-sales-prices-mar-2020.png\")
<\/a><\/figure>\n\n\n\n![\"\"](\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2020\/04\/toronto-home-sales-prices-mar-2020.png\")
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GTA in Buyers\u2019 Market Territory After COVID-19 Measures<\/strong><\/h2>\n\n\n\nWith a growing number of home buyers and sellers choosing to stay out of the market in response to growing COVID-19 concerns and the resulting government measures, the region experienced a rapid change in market conditions over the latter half of the month. There were 3,369 sales reported from March 15 – 31, in what TRREB characterized as the \u201cpost-COVID period,\u201d which is 15.9 per cent lower than the same period last year.<\/p>\n\n\n\n
The slowdown in housing activity was most pronounced following Ontario\u2019s emergency declaration on March 17, and resulted in a distinct shift in sales-to-new-listings (SNLR) ratios<\/a> in favour of buyers\u2019 market conditions across virtually all home types in the region. There were just under half the number of sales across all home types (a 53 per cent drop) in the two weeks following the emergency declaration. This, coupled with a 30 per cent dip in new listings for semi-detached and detached houses and a 26 per cent drop in new listings for the condo market, transformed the GTA from a balanced to a buyers\u2019 market in just two weeks. <\/p>\n\n\n\nPrices Stable Across the Toronto Region Since February; Up Since 2019 <\/strong><\/h2>\n\n\n\nAt the high level, the average home price remains stable across the region at $902,680 compared to $910,290 last month and still depicts a y-o-y increase of 14 per cent. That being said, TRREB reported that prices experienced a decline in the second half of the month, when the sale price of $862,563 for the period between March 15-31. <\/p>\n\n\n\n
Detached and semi-detached house prices across TRREB were up 12 and 13 per cent y-o-y at $1,107,870 and $889,480 respectively. Condo apartment prices were up 18 per cent to $658,791. Compared to the previous month, prices across all housing types remained flat or experienced a slight decline, with condo apartments most impacted by a 3 per cent drop in prices compared to February.\u00a0<\/p>\n\n\n\n
The City of Toronto<\/a> experienced a similar trend – home prices for all housing types were up y-o-y. Detached house prices rose 16 per cent to $1,465,826 y-o-y, but remained flat compared to February 2020. Semi-detached house prices are down 4 per cent since February to $1,155,457 but up 13 per cent annually. Condo townhouses<\/a> were most impacted by a 7 per cent monthly drop to $728,250 but up 12 per cent y-o-y. Condo apartments experienced the highest annual growth rate at 18 per cent increasing to $712,746 but average prices remained flat since last month.<\/p>\n\n\n\nCheck out the infographics below to see how sales and prices have increased across all home types in for TRREB and the City of Toronto in March:<\/em><\/p>\n\n\n\n<\/a><\/figure>\n\n\n\n<\/a><\/figure>\n\n\n\n
Prices Stable Across the Toronto Region Since February; Up Since 2019 <\/strong><\/h2>\n\n\n\nAt the high level, the average home price remains stable across the region at $902,680 compared to $910,290 last month and still depicts a y-o-y increase of 14 per cent. That being said, TRREB reported that prices experienced a decline in the second half of the month, when the sale price of $862,563 for the period between March 15-31. <\/p>\n\n\n\n
Detached and semi-detached house prices across TRREB were up 12 and 13 per cent y-o-y at $1,107,870 and $889,480 respectively. Condo apartment prices were up 18 per cent to $658,791. Compared to the previous month, prices across all housing types remained flat or experienced a slight decline, with condo apartments most impacted by a 3 per cent drop in prices compared to February.\u00a0<\/p>\n\n\n\n
The City of Toronto<\/a> experienced a similar trend – home prices for all housing types were up y-o-y. Detached house prices rose 16 per cent to $1,465,826 y-o-y, but remained flat compared to February 2020. Semi-detached house prices are down 4 per cent since February to $1,155,457 but up 13 per cent annually. Condo townhouses<\/a> were most impacted by a 7 per cent monthly drop to $728,250 but up 12 per cent y-o-y. Condo apartments experienced the highest annual growth rate at 18 per cent increasing to $712,746 but average prices remained flat since last month.<\/p>\n\n\n\nCheck out the infographics below to see how sales and prices have increased across all home types in for TRREB and the City of Toronto in March:<\/em><\/p>\n\n\n\n<\/a><\/figure>\n\n\n\n<\/a><\/figure>\n\n\n\n
Check out the infographics below to see how sales and prices have increased across all home types in for TRREB and the City of Toronto in March:<\/em><\/p>\n\n\n\n<\/a><\/figure>\n\n\n\n<\/a><\/figure>\n\n\n\n