Test

The impact of Covid-19 are impacting the Toronto real estate markets and we looked into the sales data from the TRREB MLS system for the periods Feb 16 - March 15, 2020 and compared it with the sales data for March 16 - April 15, 2020

1 bedroom condo sales:

• The average sale price was $669,184 in the month of Mar/Apr as opposed to $706,843 in the Feb/Mar period a decrease of 5.32%
• The list to sale price ratio was 103% down from 106% but still indicates that 1 bed condos were selling for above the asking price in general.
• The most important metric was the total number of sales which dropped from 140 sales in Feb/Mar to only 49 in Mar/Apr a drop of 65%

2 bedroom condo sales

• The average sale price was $951,574 in the month of Mar/Apr as opposed to $1,048,740 in the Feb/Mar period a decrease of 9.26%
• The list to sale price ratio was still at 103% same as the period before. Most condos sold above the asking price.
• The most important metric was the total number of sales which dropped from 61 sales in Feb/Mar to only 26 in Mar/Apr a drop of 57%

Average sale prices were down for both 1 bed and 2 bed condos, however one must keep in mind that this could be due to the sales mix. On further drilling into the data one can see that smaller and lower priced condos were selling more that the larger "niche" higher priced condos in both 1 bed and 2 bed categories.

Average sale prices were down for both 1 bed and 2 bed condos, however one must keep in mind that this could be due to the sales mix. On further drilling into the data one can see that smaller and lower priced condos were selling more that the larger "niche" higher priced condos in both 1 bed and 2 bed categories.

The sales have dropped by over 50% across the board in all categories but despite the tough stay at home directions there are sales happening. Most Realtors have adapted to this new reality and are using innovative technologies such as video walk through's and virtual open houses to sell the homes. After an overheated market in the first couple of months of 2020 many buyers are seeing this slowdown as an opportunity to get into the market and avoid having to compete with other buyers in multiple offer situations.