Home Sales In Toronto See Partial Rebound After Pandemic Shock
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Greater Toronto Area Report May 2020 Steve Moran, Remax
Home sales in Toronto rebounded
May, after collapsing in April while the COVID-19 pandemic took hold.
While
public health and economic concerns surrounding COVID-19 continue to impact the
housing market, May sales represented a marked improvement over April. Home
sales in May increased 53 per cent from the previous month but that was 54 per
cent lower than the same month last year.
Recently released consumer intentions
polling from Ipsos indicated that 27 per cent of Toronto area households were
likely to purchase a home over the next year. This result remains relatively
unchanged from the 5-year trend.
Toronto area home prices rose three per cent
year-over-year in May. As sellers wait out the COVID-19 crisis, the number of
new listings remains tight. The average selling price for all home types -
including single family houses and condos - was $863,000, up 3 per cent
compared to May 2019.
Looking forward, as we move toward recovery, the housing
sector will be a key driver of growth as consumer confidence increases and more
households look to take advantage of very low borrowing costs.
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