Is this the right time to Buy Real Estate - April 2020

Thursday May 07th, 2020

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Toronto Regional Real Estate Board released the following key housing market statistics for April 2020:
 
HOME SALES AND LISTINGS:
 
Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® System. This result was down by 67% 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, down 64.1%
 
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 of -1.7% and -3.5% Respectively.
 
 
IN SUMMARY:
 
Due to the Affects of Covid-19 on the Real Estate Market.  The number of Sales and people Listing their properties for sale are down significantly, but prices are holding steady!
 
For the most part, its an opportunity to purchase and have a chance to negotiate rather than bid in multiple offers for now!  Some of the banks, like TD and CIBC believe there is pent up demand which would like to
 
a bounce back in sales volume sooner than later!