Despite predictions that Toronto real estate would see a rise in home sales and prices this year, the numbers now look a lot more encouraging for buyers thanks to the pandemic.
By the time April hit, public safety measures saw many home buyers and sellers pressing pause. According to a report released by listings site Zoocasa, and based on data from the Toronto Regional Real Estate Board, home sales have slowed considerably in April, with double-digit declines. Condos, in particular, saw a major drop in year-over-year sales, by nearly 70 per cent.
The median condo apartment price declined by about 10 per cent – or $65,000 – between February and April 2020, to $574,000.
Out of the city’s 35 neighbourhoods, 21 had fewer than 10 sales throughout April, which is three times the neighbourhoods that had a low sales volume in February.
In 14 neighbourhoods with at least 10 sales, the median condo price rose in just one and fell in all others.
Those neighbourhoods with the greatest price declines are largely in the city centre, with Mount Pleasant East seeing the largest decline, by 18 per cent, dropping from $617,500 to $131,500. This was followed by Regent Park, Newtonbrook East, Willowdale West and Downtown.
The only area to see a median price increase, out of those neighbourhoods with at least 10 condo apartment sales in April, was Milliken, Agincourt North in Scarborough. Condo apartment sales were down 49 per cent there compared to February, which doesn’t sound quite so extreme in comparison to the city’s overall sales decline of 64 per cent for condo apartments.
Still, based on the city’s overall condo market, for those who have been itching to buy, this may just be the time.
According to Emma Pace, a Zoocasa agent in the city, “due to the competitive nature of the market subsiding, qualified buyers who may have otherwise forgone an attempt at a home search even four to eight weeks ago are now reviewing how they can participate and starting to enter the market.”