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

March 2020 was an interesting month as a result of the global pandemic. There was a clear difference in market activity between pre-COVID-19 current COVID-19 periods, despite a strong increase in sales for March 2020 as a whole. The impact of COVID-19 was clearly evident in the second half of March based on the number of sales reported. The uncertainty of the outbreak as well as the social distancing measures that were implemented were factors that contributed to the decline in sales since mid-March.

Here is a quick breakdown:

  • The MLS® Home Price Index Composite Benchmark price was up by 11.1 per cent year-over-year in March 2020.

  • The average selling price for March 2020 as a whole was $902,680 – up 14.5 per cent compared to March 2019.

  • The average selling price for sales reported between March 15 and March 31, was $862,563 – down from the first half of March 2020, but still up by 10.5 per cent compared to the same period last year

While the pandemic has clearly had an impact on the housing market, the numbers in late March still indicate there is activity in the marketplace. The sales figures for April will definitely give a better indication of the direction that the market is moving in and the effects that the government measures have had. Keep an eye out for our mid-April forecast update in the coming days that will provide further insights with the additional data that has been gathered.

If you are seeking help or need advice and guidance on how to navigate during this time, please reach out to us, we are always available to help! We are digitally enabled to assist and have implemented action plans as well as strategies during the practice of social distancing to ensure we are keeping you safe.

It’s our family helping yours!

- Kristina & Rey

February boasts strong numbers as 2020 off starts with a bang! Sales rose a staggering 45.6% over last February (which was a 10-year sales low). However, the sales numbers for February 2020 were still below the 2017 record result.

Here is a quick breakdown:

  • The MLS® Home Price Index Composite Benchmark was up by 10.2 per cent.

  • New listings for February increased 7.9% year over year, however active and current listings on the market was down -33.6%. This shows that competition for buyers has increased, with less inventory than 2019 overall.

  • The average selling price for all home types combined for the TRREB Market Area as a whole was up by 16.7% from $779,791 to $910,290.

  • Year-over-year sales growth, for the GTA as a whole, was strongest for ground-oriented home types.

Double-digit average price growth was experienced for most major market segments, including detached houses and condominium apartments.

February was a solid segway into an extremely optimistic Spring market! If you are looking to make a move, we are always available to help! Contact us at any time for a free market analysis of your home.

It’s our family helping yours!

-Kristina & Rey


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