This week marks approximately one month since the provincial government declared COVID-19 emergency measures in Ontario. As market activity adjusts to reflect the restrictions in place, we continue to notice a significant drop in sales activity across the GTA.
Based on the number of homes sold and entered between April 15-21, there was a 73% decline in year-over-year (y-o-y) sales for detached houses in the City of Toronto – with just 36 homes changing hands. There was a similar decline for the GTA as a whole with 158 total transactions, representing a 68% decline y-o-y. Semi-detached homes followed the same trend – 44 properties were sold and entered in the GTA last week, and 21 semi-detached homes sold in the City of Toronto. This represented a 63% and 58% y-o-y decline, respectively. Compared to the same period last month, semi-detached property sales declined 66% in the GTA and 40% in the City of Toronto.
There were 79 condo apartment and 19 condo townhouse sales in the GTA last week, representing a 73% and 79% decline compared to the same period last month. In the City of Toronto, condo apartment sales dropped 76% month-over-month (m-o-m) and condo townhouse sales dropped a whopping 90% m-o-m, with just two sales entered last week. This represents a 94% y-o-y decline in sales activity for condo townhouses.