Over a month has passed since COVID-19 emergency measures have been in effect in Ontario, and sales activity remains subdued as a result. Condominium-style properties are bearing the brunt of the slowdown on a year-over-year (y-o-y) basis across the Greater Toronto Area (GTA) and the City of Toronto.
Specifically, based on the number of properties sold and entered for the week of April 22-28, there was an 81% y-o-y decline in condo apartment sales across the GTA, and a corresponding 79% y-o-y decline in condo apartment sales in the City of Toronto. Just 7 condo townhouses were sold and entered in the City of Toronto, marking a 71% annual decline. Across the GTA, the decline in condo townhouse transactions was relatively less severe, with 34 properties being sold and entered last week, marking a 60% annual decline.
Freehold property sales performed significantly better on a y-o-y basis, particularly with respect to semi-detached properties in the City of Toronto. There was a 32% drop in semi-detached sales in Toronto, with 21 homes exchanging hands. Across the GTA, 40 semi-detached houses were sold and entered, marking a 61% annual decline. And finally, there were 191 detached houses sold and entered between April 22 and 28 in the GTA – a 65% annual drop. In the City of Toronto, detached house sales declined 69% y-o-y, with 44 transactions taking place.