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While the public health and economic concerns surrounding COVID-19 continue to impact the housing market, along with other markets, The May 2020 sales result was an improvement over Aprils numbers. As we move toward recovery during the COVID-19 pandemic, the housing sector will be a definite driver of growth as many potential buyers are looking to take advantage of low borrowing costs. In parallel to this, we have seen a significant improvement in rental transactions from April to May 2020. We are optimistic to see sales continue to grow throughout the summer months, and a maintain very balanced market.


Key highlights:

  • Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020. This result was down by 53.7% compared to May 2019

  • The number of new listings entered into TRREB’s MLS® System in May was down by a similar annual rate to that of sales, dipping by 53.1% to 9,104. On a month-over-month basis, actual new listings were up by 47.5%

  • The average selling price for all home types combined was up by three per cent compared to May 2019 to $863,599. On a seasonally adjusted basis, the average selling price was up by 4.6% month-over-month compared to April 2020

  • The MLS® Home Price Index Composite Benchmark price was virtually unchanged in May 2020 compared to April 2020. On a year-over-year basis, the composite benchmark was up by 9.4%

The general sense we get of the current market is that it is primarily driven by a need to buy or sell in the current conditions. There is no sway between being a “buyer” or “seller” market as many are doing so out of necessity. This does not mean that prices have dropped or risen, significantly, however it appears that May has given us a slight increase in prices.


Therefore, now more than ever, it is important to get a market evaluation for your neighbourhood from licensed real estate agents who can provide an accurate evaluation for your property. We will continue to follow the directives and guidance being given by the government and public health agencies to ensure the safety of our clients, whether buying or selling. This is reinforced by our Sell Safe and Buy Safe Action-Plans and use of digital technologies to perform contactless transactions.


Please feel free to contact us at any time for help or advice.


It’s our family helping yours!


Keep safe.


Kristina & Rey


Trending from the mid-April update, it is evident as to the impact that the necessary social distancing and economic impact that COVID-19 has had on home sales and listings this past month. Fortunately, transactions have been continuing and the real estate industry is still operating; however at a much slower pace. Through innovative techniques, such as virtual or live stream open houses, REALTORS® have been able to continue to facilitate transactions for buyers and sellers and help safely navigate through the new normal.


Key highlights:

  • Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® System. This result was down by 67% compared to April 2019. Weekday sales remained within a relatively steady range during the month, averaging 130 per day

  • New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales (-64.1%)

  • The average selling price for April 2020 transactions was $821,392 – up by 0.1% compared to the average price of $820,373 reported for April 2019. The semi-detached and townhouse market segments experienced annual average price growth above the rate of inflation. The condominium apartment and detached segments experienced year-over-year price declines on average

  • The trend for the MLS® Home Price Index Composite Benchmark, which had been on an upward trajectory since the beginning of 2019 flattened in April. On a year-over-year basis, the Benchmark was up by 10%

  • The MLS® HPI indices represent prices for typical homes with consistent attributes from one period to the next. The fact that the MLS® HPI was up year-over-year by a greater rate than the average selling price suggests that the share of higher end deals completed in April 2020 versus April 2019 was down.


It is important to note that average sale prices for a property can vary based on the neighbourhood and that the pace of price growth is dictated by the relationship between sales and listings. In other words, while COVID-19 has shifted market conditions and halted the strong pace at the start of March, there continues to be enough activity relative to available listings to keep the prices in line with last year’s levels.


Therefore, now more than ever, it is important to get a market evaluation for your neighbourhood from licensed real estate agents who can provide an accurate evaluation for your property. We will continue to follow the directives and guidance being given by the government and public health agencies to ensure the safety of our clients, whether buying or selling. This is reinforced by our Sell Safe and Buy Safe Action-Plans and use of digital technologies to perform contactless transactions.


Please feel free to contact us at any time for help or advice.


It’s our family helping yours!


Keep safe.


Kristina & Rey




This is the mid-April update in order to provide further insight and some guidance on the impact that COVID-19 has had on the GTA market. There are many ways that the measures currently in place (i.e. social distancing) have impacted the real estate market. There are definite concerns with home buyers and sellers about the economy, employment situations as well as engaging in any type of in-person interaction, which is reflected in the numbers.


  • Greater Toronto Area REALTORS® reported 1,654 home sales through TRREB’s MLS® System during the first 17 days of April – down by 69 per cent compared to the same period in 2019. Year-over-year declines were greatest for the detached and condominium apartment segments


  • The number of new listings was down on a year-over-year basis by a similar annual rate, declining by 63.7 per cent to 3,843.


  • The average selling price for sales reported during the first 17 days of April 2020 was $819,665 – down by 1.5 per cent compared to the same period in 2019. Uncertainty about market conditions have played a role in moderating the pace of year-over-year price growth during the first half of April. It should also be noted that selling prices have also followed listing prices, with average listing prices down by a similar amount


As social distancing measures remain in place for most of spring, it is predicted that the decline in home sales will likely be strongest in Q2 2020. However, if the public health forecasts play out as expected (assuming strong social distancing measures continue to be followed) we will likely see improvement in market activity in summer going into fall.


While the necessary social distancing measures have certainly resulted in a pause to housing transactions, we are able to mitigate some of that impact through using technology. We are digitally enabled with various tools and action plans in place for buying and/or selling safely. Please feel free to reach out if you need any help or advice.


Keep safe. It’s our family helping yours!


Kristina & Rey



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REY KEYVANI
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*Not intended to solicit buyers or sellers currently under contract with a brokerage.

KRISTINA KEYVANI
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