How's the Market? April 2020
Thursday May 14th, 2020
It has been an interesting seven to eight weeks since the province wide quarantine began and I don't know about you but it has actually gone by faster than I ever anticipated. That said I am really ready to get going and get social again. The weather is finally improving which has allowed us to get outside and get some much needed fresh air.
It has been interesting to watch the economy and to see how other industries are fairing through this crisis that has affected us all. The Residential Real Estate Market has adjusted accordingly with the volume of homes sold amongst all property types down 67% for the month of April. What is interesting is the prices have remained flat or equal to the prices of April last year largely in part due to the decrease in homes available for sale. There are over 40% fewer homes available for sale in the GTA compared to the same period last year. The months of inventory number have started to creep up to just over 3.5 months. This puts us slightly closer to what is considered a balanced market where price appreciation will slow. A balanced market is considered to be between 4 to 6 months of inventory of homes for sale. Nobody likes to see numbers going down, however, on a positive note it shows that everyone is taking the COVID-19 crisis seriously and doing their best to stop the spread of the virus.
Where we have started to see some light softening in Residential Real Estate is in the condominium market where volume of sales are down over 70% in the GTA with prices down 1.7%. The demand for condominiums has decreased slightly more than other areas of the Residential Real Estate Market partially by the restrictions buildings have put in place that restrict access. Some units are being sold "site unseen" or just by virtual tour where the buyer has not physically toured the unit.
As the province begins to relieve the restrictions and we return to work or more of what can be considered a regular routine, there will be opportunities on both the Seller and Buyer sides when considering making a move or investing in real estate. I am here to assist, so please never hesitate to reach out to me with any of your real estate questions.
Everyday we are one step closer to getting through these trying times and getting back on track.
For further information about your area or to find the value of your home, contact me 647-910-1111