Real Estate

TRREB April 2020 report

  • Last Updated:
  • May 5th, 2020 5:15 pm
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[OP]
Sr. Member
Dec 19, 2010
763 posts
227 upvotes

TRREB April 2020 report

http://trreb.ca/files/news_releases/new ... h_0420.pdf

http://trreb.ca/files/market-stats/mark ... mw2004.pdf

Home Sales and Listings
• Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® System. This result was down by 67 per cent 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 per cent).

Home Prices
• The average selling price for April 2020 transactions was $821,392 – up by 0.1 per cent 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 per cent.
• 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.
31 replies
Jr. Member
Aug 5, 2018
137 posts
151 upvotes
Last table of the News Release showing the seasonally adjusted results is interesting. CREA it itself says removing seasonal variations allows for a more meaningful analysis of monthly change.
Deal Fanatic
Feb 22, 2011
7243 posts
7646 upvotes
Toronto
New listings down 64% and sales down 67%, seems pretty proportional and expected with everything being locked down. All the provinces are starting to open up this month too. Summer and fall will be very interesting to see.
Deal Addict
Dec 6, 2006
2324 posts
713 upvotes
This is understandable since who wants to sell currently unless you really need to. Let's wait 6 months to see how the market adjusts.
Member
Jan 5, 2020
484 posts
522 upvotes
In conclusion:

Prices are back down to April 2019.
Prices have gone down ~13% since peak prices in Feb 2020.
Deal Addict
User avatar
Jul 8, 2010
1376 posts
1069 upvotes
Ontario
Newuserid wrote: In conclusion:

Prices are back down to April 2019.
Prices have gone down ~13% since peak prices in Feb 2020.
Average prices, you need to specify. It is not applicable for any property.

HPI, which tracks prices for similar properties, is still 10% higher then last year, which means that specific property didn't went down, but probably little up. The difference is from sales mix
HPI currently flatten means that prices took a hit in last couple months (HPI is looking at last 6 months, it is a lagging indicator). How much, to be seen in at least 4 months from now.
Deal Guru
Feb 29, 2008
12209 posts
7324 upvotes
Newuserid wrote: In conclusion:

Prices are back down to April 2019.
Prices have gone down ~13% since peak prices in Feb 2020.
Skewing the numbers I see.
Member
Jan 5, 2020
484 posts
522 upvotes
Isostar wrote: Average prices, you need to specify. It is not applicable for any property.

HPI, which tracks prices for similar properties, is still 10% higher then last year, which means that specific property didn't went down, but probably little up. The difference is from sales mix
HPI currently flatten means that prices took a hit in last couple months (HPI is looking at last 6 months, it is a lagging indicator). How much, to be seen in at least 4 months from now.
What do you mean by specific properties? What is the difference between HPI and the stats provided by TREB? Based on TREB stats, the numbers I summarized were the average prices for all residential real estate in the GTA.
Jr. Member
Aug 5, 2018
137 posts
151 upvotes
Newuserid wrote: In conclusion:

Prices are back down to April 2019.
Prices have gone down ~13% since peak prices in Feb 2020.
Come on let's be fair. Seasonally adjusted the average price is down 11.8%.

As for the "Average Price" debate it is a 2-way street. It can't only be the standard for upward price movements. RE pushes this BS measure (skewed or not at times) and therefore it's what we compare against.
Deal Addict
User avatar
Jul 8, 2010
1376 posts
1069 upvotes
Ontario
Newuserid wrote: What do you mean by specific properties? What is the difference between HPI and the stats provided by TREB? Based on TREB stats, the numbers I summarized were the average prices for all residential real estate in the GTA.
HPI is also a TREB stat.... It compares apple with apple.
Member
Jan 5, 2020
484 posts
522 upvotes
Staffah wrote: Come on let's be fair. Seasonally adjusted the average price is down 11.8%.

As for the "Average Price" debate it is a 2-way street. It can't only be the standard for upward price movements. RE pushes this BS measure (skewed or not at times) and therefore it's what we compare against.
Okay, your right. I see now that its seasonally adjusted. So the price decline is probably not as severe

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