Toronto Real Estate Board Market Report - March 2020
We're truly going through an unprecedented time, which has impacted all facets of our everyday life and the economy including how the housing market functions. This is clear from the numbers TREB recently released for March 2020.
The month taken as a whole, points to continued strong demand for ownership housing, with sales up by 12.3% year-over-year with 8,012. However, there was a clear break in market activity between the free covid-19 at post covid-19 period. For the purpose of this update we are assuming that the start of the post covid-19 period was the week beginning Sunday March 15th
With this in mind, the overall March sales result was clearly driven by the first two weeks of the month. There are 4,643 sales reported in the pre-covid19 period. Accounting for 58% of total transactions and representing a 49% increase compared to the first 14 days of March 2019.
In contrast, there were 3,369 sales reported during the post-covid period. Down by 15.9% compared to the same period in March 2019. A similar story unfolded for new listings. For March as a whole new listing were up by 3% year-over-year at 14,424. However, new listings dropped on the year over year basis during the second half of the month by 18.4%
Clearly uncertainties surrounding the outbreak impact on the broader economy and the onset of the necessary social distancing measures resulted in the decline in sales and listings since March 15th.
Despite sales on listings trending lower in the second half of March demand for ownership housing remain strong enough relative to listings to see the average selling price remain above last year's levels including during the last few days of March.
The MLS home price index composite benchmark price was up by 11.1% year-over-year in March 2020. The average selling price for March 2020 as a whole number $902,2680 up by 14.5% compared to March 2019.
The average selling price for sales reported between March 15th and March 31st was $862,563 down from the first half of March 2020 but still up by 10.5% compared to the same period last year.