Real Estate

TREB Mar 2020 report

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  • Apr 3rd, 2020 2:43 pm
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[OP]
Sr. Member
Dec 19, 2010
820 posts
272 upvotes

TREB Mar 2020 report

http://trreb.ca/files/market-stats/mark ... mw2003.pdf

TORONTO, ONTARIO, April 3, 2020 – Toronto Regional Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,012 home sales through TRREB’s MLS® System in March 2020 – up by 12.3 per cent compared to 7,132 sales reported in March 2019.

However, despite a strong increase in sales for March 2020 as a whole, there was a clear break in market activity between the pre-COVID-19 and post-COVID-19 periods. For the purposes of this release, the start of the post-COVID-19 period was the week beginning Sunday, March 15.
• The overall March sales result was clearly driven by the first two weeks of the month. There were 4,643 sales reported in the pre-COVID-19 period, accounting for 58 per cent of total transactions and representing a 49 per cent increase compared to the first 14 days of March 2019.
There were 3,369 sales reported during the post-COVID-period – down by 15.9 per cent compared to the same period in March 2019.

For March as a whole, new listings were up by three per cent year-over-year to 14,424. However, similar to sales, new listings dropped on a year-over-year basis during the second half of the month (beginning March 15) by 18.4 per cent.

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.
7 replies
Deal Guru
Feb 22, 2011
10150 posts
12559 upvotes
Toronto
Not too bad, listings down 31% is showing that people don't want to sell during a pandemic. April will definitely look worse but without a flood of supply we are looking at some stagnation and a small dip until we are back to normal. At which point that $400 billion is going to start pumping up asset prices again.
Deal Addict
User avatar
Jul 8, 2010
1406 posts
1098 upvotes
Ontario
mazerbeaner wrote: Not too bad, listings down 31% is showing that people don't want to sell during a pandemic. April will definitely look worse but without a flood of supply we are looking at some stagnation and a small dip until we are back to normal. At which point that $400 billion is going to start pumping up asset prices again.
All AirBnB underwater "investors" will provide a different picture. But lets hope for the best....
Deal Guru
Feb 29, 2008
14186 posts
10505 upvotes
Isostar wrote: All AirBnB underwater "investors" will provide a different picture. But lets hope for the best....
That’s what you’re hoping for. Still won’t make much of a difference.
Deal Fanatic
Mar 27, 2004
5350 posts
3263 upvotes
Toronto
lol under water.
they will be fine

The reason they airbnb is because the yield is higher with that platform

Renting out long term isn't going to put anyone under water.

Not sure why bears are hoping people go under water with their investments?
Full-time Realtor
Deal Fanatic
Jul 3, 2011
5792 posts
2956 upvotes
Thornhill
callmebob wrote: 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.
Your bolded section is what is most important out of that entire report. Especially considering that there were 880 or so more sales YoY. It means that for the monthly average to come out $40,000 more than the last half of the month, the average selling price took a massive hit in the $70-90,000 range.

In Toronto for example, the average price for Freehold in the first 6 days of sales (17% of the month's total), was approximately $1,500,000 , by the end of the month that average per Market Watch is $1,377,126.

Hopefully the cure for that will be ta significant reduction in the number of sales.
Deal Guru
Feb 29, 2008
14186 posts
10505 upvotes
oasis100 wrote: lol under water.
they will be fine

The reason they airbnb is because the yield is higher with that platform

Renting out long term isn't going to put anyone under water.

Not sure why bears are hoping people go under water with their investments?
Have a buddy that did Airbnb. He used to clear a lot of money. Like a lot. I don’t think people realize how lucrative Airbnb was for people with properties in excellent locations. I’d figure they saved a good chunk of that money. Those who didn’t are stupid. I don’t think there’s this whack of Airbnb underwater investors. There were some that went a little too. Easy though buying up glorified Airbnb units and that should have never been allowed.

Don’t blame people for finding ways to make money legally. What you need to do is create laws that don’t allow that. Just like social distancing and telling people to stay home. There are many that will not listen until you start forcing them to (ie: fines)
Deal Addict
User avatar
Jul 8, 2010
1406 posts
1098 upvotes
Ontario
oasis100 wrote: lol under water.
they will be fine

The reason they airbnb is because the yield is higher with that platform

Renting out long term isn't going to put anyone under water.

Not sure why bears are hoping people go under water with their investments?
Yeah, right. Guess even Airbnb does nnot know better than you.... Or all their underwater Superhosts are anywhere else except downtown Toronto ....

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