Toronto Regional Real Estate Board Releases March 2020 Statistics.

Toronto Regional Real Estate Board Releases March 2020 Statistics.
Toronto
Toronto Regional Real Estate Board Releases March 2020 Statistics. 2
Toronto

Toronto Reginal Real Estate Board recently releases the March 2020 sales statistics.

Thoughts on the March Market from Jim Burtnick, Broker

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If you look at the year-over-year and month-over-month statistic you would see that sales were actually up 12.3% this March and compared to March of 2019.
However. that does not give one a true sense of what actually occurred this March.
That is, there are 2 distinct periods within the Month of March.
One is pre-COVID-19 (March 1-14). In this time period, we saw a continuation of the growing sales and price momentum we say developing in both January and February. Sales for this 2 week period were up 49% compared to the first 2 weeks of March 2019. Additionally, this period accounted for 58% of the entire sales for the month of March 2020.
The second period would be from March 15-31, the post-COVID 19 period. Not surprisingly, here we saw a distinct change in the market. In fact, sales declined by 15.9% compared to the same period in March 2019.
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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.

Toronto Regional Real Estate Board Releases March 2020 Statistics. 5

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