Toronto Reginal Real Estate Board recently releases the March 2020 sales statistics.
Thoughts on the March Market from Jim Burtnick, Broker
I think our TRREB President, Michael Collins summed it up well when he said:
“The overall sales result for March was strong relative to last year, but the impact of COVID-19 was certainly evident in the number of sales reported in the second half of March. Uncertainty surrounding the outbreak’s impact on the broader economy and the onset of the necessary social distancing measures resulted in the decline in sales since March 15. Sales figures for April will give us a better sense as to the trajectory of the market while all levels of government take the required action to contain the spread of COVID-19. While COVID-19 has clearly had an impact on the housing market, the late March numbers still suggest that there is activity in the marketplace.”
Additionally, TRREB’s Chief Market Analyst, Jason Mercer stated that:
“As we move through April, we will have a clearer view on how social distancing measures and broader economic conditions will influence sales and ultimately the pace of price growth.”
So, stay tuned for our commentary for April 2020. That should provide us with a better sense of what patterns are being established in the residential real estate marketplace.
Stay well, please stay safe and social distance.