Coronavirus Alarm Causes Massive Market Anxiety

By: Thomas Cook

Coronavirus Alarm Causes Massive Market Anxiety

In March sales were up 12% compared to last year with 8,012 houses and condominiums changing hands in all the districts.
 
Condo townhouse and high-rise suite sales were up by 6% with a 33% share of the market and 2,667 units being sold.
 
The March average sale price for all GTA homes came in at $902,680, up 14.5% from one year ago.
 
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the month of March compared to historical numbers was lower by a huge 31.5% compared to last year at this time.
 
This inventory imbalance is causing price increase in many, but not all, GTA districts.
 
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
 
In March that ratio finished at 75% - about 30% above last year and a continuation of what we saw in February 2020.  This would be an indication of a continuing strong, steady market as we hit the middle of the spring market EXCEPT for the massive ‘community separation’ shock that hit us mid-month.
 
The days-on-market average for GTA / Toronto homes was 13 days, 10 days faster than February.
Here’s a snapshot summary of the significant real estate milestones for Toronto in March 2020… keeping in mind the massive ‘societal shift’ due to the coronavirus we saw happen mid-month!!

Watch the video to get the complete March 2020 Market Report details.



Here's the complete text version of the March 2020 Toronto Real Estate Market Report to read.


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