This week we looked at what’s happening across the two largest real estate markets in Canada. The Toronto Real Estate Board (TREB) and the Greater Vancouver Real Estate Board (GVREB).
British Columbia’s COVID-19 cases have slowed down to a trickle, less than 30 a day, while the GTA is still around the 300-400 new cases a day. It’s no surprise that GVREB is showing signs of recovery, but let’s take a closer look at COVID-19’s impact and how GVREB is recovering.
It’s surprising to see that B.C. experienced a more significant drop in new listings given they had approximately 50% less COVID-19 cases per capita.
So, what can we learn from the GVREB recovery, and how can we apply that to TREB?
- GVREB’s recovery began in the second week of April when they had their lowest rate of new cases. It resulted in a 12% increase in new listings.
- The recovery fluctuated with spikes in the number of cases.
- In the first week of May, B.C. released its plan to reopen, which coincided with a 16% increase in new listings.
What does it all mean? Since Ontario has begun to reopen, seller confidence in the market should be returning. We could see a 10-20% increase in the number of new listings next week.
Unfortunately, GVREB hasn’t made their sold data available to us, so understanding buyer demand is still unclear.
As always, we’ll keep analyzing the Greater Toronto Area real estate data and will send out updates, so you always have what you need when speaking with your clients and leads.