COVID-19: THE REAL ESTATE IMPACT ON GREATER TORONTO AREA
REAL ESTATE SALES
AND LISTINGS
BY: RON ANGELES
It’s been a little over a month since the Ontario government decided to close everything down and go into lockdown. It felt like forever since it has happened. I sometimes catch myself complaining about the lockdown, but later on, realize that I’m fortunate enough to not have anything happen to me or my loved ones. Every day feels the same..and for real estate, the most commonly asked question would be when things go back to normal?
In the last few weeks, the government and the bank of Canada have mentioned that they will be giving at least $150 Billion, possibly much more – into Canadian banks and mortgage lenders to sustain and ensure that they have just enough money to keep lending. When the lockdown happened, the bank of Canada did not second guess about putting the market on life support.
People’s definition of “normal” would be buyers buying, sellers are selling, and properties are being listed and shown. When the lockdowns are over, buyers won’t be back at full speed until they could have listings that they could look at. But at the same time, sellers won’t aren’t going to list until the buyers are out.
Buyers will always be on the move, people will always be buying and selling homes, no matter the situation. But the real concern would be going back to normal at full speed. That won’t be happening anytime soon.
The first two weeks of March, Toronto area homes resale were up to 49% year over year before crashing down 16% for the last two weeks when the Covid-19 lockdown came into effect.
Public Health and Economic Policy measures being put in place to slow the spread of COVID-19 in Canada are having a direct impact on local real estate activity
Sales and new listings data was source from the Toronto Regional Real Estate Board (TRREB).
GTA HOMES SALES ONE WEEK AFTER
ONTARIO DECLARED STATE OF EMERGENCY ON MARCH 17, 2020
| HOUSE (DETACHED/SEMI) | MARCH 3-16 | MARCH 17-30 | TWO WEEK % CHANGE |
|---|---|---|---|
| SALES | 2,435.00 | 1,153.00 | -53% |
| NEW LISTINGS | 4,503.00 | 3,140.00 | -30% |
| SALES-TO-NEW-LISTING RATIO | 54% | 37% |
| CONDOS (APTS/TOWNHOUSES) | MARCH 10-16 | MARCH 17-23 | TWO WEEK % CHANGE |
|---|---|---|---|
| SALES | 1,541.00 | 729.00 | -53% |
| NEW LISTINGS | 2,490.00 | 1,842.00 | -26% |
| SALES-TO-NEW-LISTING RATIO | 62% | 40% |
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