Sales in the first two weeks of march were up by 49% year-over-year. These gains were short-lived; in the second half of the month they were down 15.9%. Toronto's March Real Estate Market finished only 12.3% up year-over-year.
TORONTO (PRWEB) April 07, 2020
REALTORS® of the Greater Toronto Area reported 8,012 sales in March 2020, up 12.3 per cent from March 2019. New listings rose by 3 per cent (year-over-year) to 14,424, and Average Sale price saw a jump of 14.5 per cent to $902,680, compared to March 2019.
A breakdown of TRREB's March Market Watch Report shows that COVID has already begun to cool the famous "Spring Market". Data analyzed and visualized by Toronto's ReaLawState Realty Brokerage (https://realawstate.com) illustrates that much of the gains reported in the month of March were due to a successful first two weeks. The second half of the month indicated the market was slowing significantly.
Sales in the first two weeks of March 2020 were up by 49% compared to the first two weeks of March 2019. In the second two weeks of March, Toronto witnessed a complete reversal of this trend, with sales down by 15.9% compared to the same period a year prior.
Average Sale Price seemed to freeze in March, down by just 0.8% compared to February 2020, up 18.4% year-over-year.
Graham F. Alloway, founder and Broker of Record at ReaLawState and a practicing Corporate Commercial Lawyer for over 25 years, doesn't expect the slip in Sale Price to continue. "Although Real Estate has been deemed an essential service, buyers and sellers have been staying home and put their plans on hold, causing activity to cool. Amidst financial uncertainty, worried sellers dropped their price in an attempt to offload product." Alloway said. "This minor downturn in average price will be buffered in the coming months by the lack of new product entering the marketplace. Once Canada re-opens for business, the market will rebound."
ReaLawState Realty Brokerage Ltd. is the first of its kind, founded and managed by practicing lawyers. ReaLawState recognizes that early integration of real estate and legal services ensures maximum benefit and expertise in properly structuring the Real Estate transaction. ReaLawState incorporates lawyers into the creation, implementation, and clsoing of real estate transactions, delivering a unique and comprehensive level of service to the buyer or seller, and creating greater value in the commission. ReaLawState is a privately-owned company headquartered in Toronto.
Data Gathered from the Toronto Regional Real Estate Board. ReaLawState makes no representations or warranties of this data http://trreb.ca/index.php/market-news/market-stats