How Coronavirus is Affecting Toronto Real Estate

Over 1000 agents watched our 10-minute webinar on the impact the coronavirus is having on the Greater Toronto Area real estate market.

We showed how new listings, sold listings, sold prices and days on the market were all affected by COVID-19 across the different municipalities and property types.

We also talked about how to prepare for the recovery. If you missed it, watch the recording here.

Last week, there were some reassuring signs for new listing volumes. Almost all municipalities showed a slight increase in the last week of April. Were homeowners becoming more comfortable with listing their house? Would that start the recovery?

Unfortunately, after including listings from the week of May 3RD in our analysis, we see a significant drop for all municipalities. See below.

Percent Change of New Listings For Sale in Toronto, York, Peel, Halton, Durham
(Click to enlarge)

There was also a continued decrease in the number of sold listings across all municipalities

Percent Change of Sold Listings in Toronto, York, Peel, Halton, Durham
(Click to enlarge)

Global analysts predicted there would be three to four weeks at the bottom of the curve, but Toronto and the GTA are now at five weeks. We reached out to Mike DelPrete, a global analyst, and asked if Toronto, and the GTA, were unique to the rest of the world or is it a similar pattern? Here's what he said.

[...] most markets are still down after 5-6 weeks. After about 35 days, I'm starting to see recovery in the biggest hit U.S. markets, as restrictions are starting to be lifted.

Mike DelPrete

As always, we’ll keep analyzing the Greater Toronto Area data and will send out updates, so you always have what you need when speaking with your clients and leads.

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