Greater Toronto Area Report April 2020
Steve Moran, Remax
Home sales in the Toronto region plunged 67 per cent in April compared with the previous year, as the COVID-19 pandemic closed businesses and led to mass layoffs.
Although real estate work is deemed essential in Ontario, physical-distancing requirements and fear of contracting the virus that causes COVID-19 kept home buyers from viewing and purchasing property.
But even as home sales plunged in April, prices held steady in the Toronto region with the average selling price across all types of residential real estate rising 0.1 per cent year over year to $821,392. A continued decline in the number of homes listed for sale helped to stabilize prices.
Looking forward, a key factor for the housing market recovery will be a broader reopening of the economy, which will result in a stronger labour market and a resurgence in consumer confidence.
If you are a homeowner and experiencing financial hardship, you can request to defer payments on your mortgage for up to 6 months.
Keep safe until we meet again!