As COVID-19 continues to impact our daily lives – health, employment, security and lack of social interaction, etc. – COVID-19 has also been shown to impact the Toronto real estate market.
We would like once again to thank all of the first aiders and employees at the front who bring us all to safety during this time.
Since March was the turning point, we saw different numbers at the end of the month compared to the beginning of the month. These March numbers didn’t really show us how COVID-19 would potentially shake the market. Well, now the April numbers have been reported and yes, the market has been rocked, but maybe not as you might think.
The Toronto Real Estate Board reported 2,975 Residential businesses in April that showed a result that was compared to April 2019 decreased dramatically by 67 percent. Now 67 percent sounds like a very sharp drop, but it does It is important to remember that the number of property transactions decreased by 67 percent in April 2020. As mentioned in last month’s blog, we knew that transactions would prove difficult during this time. Since open house has been banned, condominium management companies are banning demonstrations in some buildings, and our government is enforcing social distance rules to protect our safety and the safety of others. This is not the ideal recipe for real estate transactions, so the number of transactions has decreased.
The average selling price for April 2020 The transactions were $ 821,392 had actually increased by 0.1 percent compared to the average selling price of $ 820,373 reported last year. What do these numbers tell us? Transactions took place less because transactions were difficult to carry out during the COVID-19 pandemic and the people of Toronto decided to become stuck, largely due to the general security concerns surrounding the virus. Nevertheless, property prices have risen, which means that the Toronto market is still showing its strength at this point.
The The semi-detached house and townhouse market segments recorded average annual price growth above inflation, while condominiums and single-family homes saw an average year-on-year price decline. The trend for the MLS Home Price Index Composite Benchmark, which has been on an upward course since the beginning of 2019, flattened in April. However, the benchmark rose by 10 percent compared to the previous year. The HPI indices (MLS Home Price Index) represent the prices for typical houses with reliable attributes from one period to the next. The statement that the MLS HPI increased more than the average selling price year-on-year implies that the proportion of high-end deals closed in April 2020 decreased compared to April 2019.
There is no doubt that real estate transactions at this point have proven to be more difficult, but far from impossible. We have had the pleasure of serving a number of our customers during this pandemic, which has led to a successful and, above all, successful outcome FOR SURE Transactions during the pandemic. There are very serious precautionary measures, and although we keep them in the foreground, we are still here to provide you with our guidance and expertise to help you find the next real estate move that’s right for you and find ways to take advantage of the current Toronto Real to use real estate market. Contact us today for a no-obligation discussion on how we can help you on your real estate trip.
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