Life turned upside down

By: Thomas Cook

Life turned upside down

In April sales were undoubtedly the lowest they’ve ever been since maybe the 1960s with a 67% drop from last year with 2,975 houses and condominiums changing hands in all the districts.
 
Condo townhouse and high-rise suite sales were down by 70% with a 30% share of the market and just 905 units being sold.
 
The April average sale price for all GTA homes came in at $821,392, down $80,000 from the month before and about flat compared to 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 April compared to historical numbers was lower by a huge 41.4% compared to last year at this time.
 
It’s clear that the coronavirus has hit our market hard… both buyers and sellers have been intimidated by the threat of possible virus transmission.
 
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% - in April, that ratio dropped dramatically to 28.2% indicating an almost neutral market.
 
The days-on-market average for GTA / Toronto homes was 19 days, 5 days slower than March.

Here’s a snapshot summary of the significant real estate milestones for Toronto in April 2020 as we sunk into social distancing and staying home mode to restrict the virus spread.

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



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


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