The week of April 8 to 14 is approximately the third week since Ontario declared a state of emergency on March 17; imposing restrictions on non-essential in-person activities. The latest report from the Toronto Regional Real Estate Board (TRREB) on March activity highlights the distinct change in real estate activity pre- and post-COVID, with the number of new listings and sales dropping materially in the post-COVID period.
The slowdown felt at the end of March continues into April, with far fewer homes being sold across the Toronto region compared to the same period last year.
Between April 8 and 14, just 30 detached and semi-detached houses in the City of Toronto were sold and entered compared to 202 last year, representing a steep drop of 85% y-o-y. In the GTA, detached and semi-detached house sales were down 80% to 145 from 711 during the same week in 2019.
For the condo apartment and condo townhouse property types, the drop was just as steep. In the City of Toronto, sales fell 86% y-o-y to 32 from 231; in the GTA, sales decreased 87% y-o-y to 62 from 399.
With Ontario recently extending the state of emergency until May 12, the impact of COVID-19 on the real estate market will likely continue through the month.