Impact of COVID-19 on the Toronto Real Estate Market
Wednesday Apr 01st, 2020Share
CLICK TO WATCH ON YOUTUBE: https://youtu.be/PL64Ze5_HrY
Welcome to the Toronto Real Estate Market Update for April 1st, 2020.
I want to share with you some of the analysis I’ve done with respect to the Toronto real estate market that has been directly or indirectly impacted by COVID-19 The average selling price in Toronto was $984,000.
This is just slightly lower than the previous month’s average of $1,000,000. Although the average price dropped, prices are still higher compared to last year by 18.6%. Looking at the last there months, prices are up by 12%. This is still normal to see since this goes back to winter when things are slower in the real estate market. This is where it gets a bit more interesting. Since last month, prices have dropped by about 1%. Is this drop what you expected? Let me know in the comments what you think. Let’s think back to what happened in the beginning of March.
There were several key interest rate drops by the Bank of Canada. A state of emergency was declared. We’ll get more to this in the second half of the video. In the last four weeks, there have been just over 4,700 new listings. This is an increase from the previous month of only 3,400 new listings. So it appears that new listings are rising month over month. Does this mean that despite COVID-19, we’re still seeing a typical spring market? The number of homes sold is just below 2,600. This is also an increase from the previous month of 2,200 hoes sold. In the last month, it took on average 11 days to sell a home in Toronto. That’s about a week and a half. Compared to the previous month, it took 15 days to sell a home, or just over two weeks.
Does this mean it takes less time to sell a home in Toronto despite COVID-19? So here’s where it gets even more interesting. Watch the full video for more interesting insights on how the market is trending. Leave a comment below to share what you think!
Weekly Market Update • https://www.youtube.com/playlist?list=PLVt1mFxDHaHrlc6X2p4MJ_d8MTQ91yRTm
Real Estate Education • https://www.youtube.com/playlist?list=PLVt1mFxDHaHpbHJlypoQnAjJw_xYU_I5y
Pre-Construction Condos • https://www.youtube.com/playlist?list=PLVt1mFxDHaHp5MIXX5mhfpHDA_h4yhUp_
CMHC Market Report Spring 2020 • https://assets.cmhc-schl.gc.ca/sites/cmhc/data-research/publications-reports/housing-market-outlook/2020/housing-market-outlook-canada-spring-2020-en.pdf?rev=8fe54bb4-638a-48ba-8c3b-590663bc15db
Ministry of Finance • https://www.fin.gov.on.ca/en/economy/demographics/quarterly/dhiq2.html
My website • https://www.fredericktam.com/
Facebook (@fredtamrealestate) • https://www.facebook.com/fredtamrealestate/
Instagram (@fredtamrealtor) • https://www.instagram.com/fredtamrealtor/
Google • https://goo.gl/maps/yswE7YVmG8C2
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At the time of production, Fred Tam is a Real Estate Salesperson with Right at Home Realty Inc., Brokerage in Toronto, ON. Fred’s videos do not necessarily represent the views and/or opinions of RAH. The purpose of Fred’s videos are to educate you and help you make sense of the real estate process. If you have questions about home loans, real estate, taxes, finances, real estate law, insurance, professional trades, or any other services where you live, you are advised to reach out to the appropriate professional for further counsel about your own unique situation.