Home Sales in the Greater Toronto Area Show Signs of Rebound in May

When the coronavirus pandemic made its way into Canada in February, a series of lockdown measures and stay-at-home orders were imposed, causing the housing market to become completely stagnant. By March, home sales in the Greater Toronto area were at a historical low, and both sellers and buyers exited the market for the time being. However, as the coronavirus storm is slowing beginning to subside, it appears that the housing market is on a path to recovery.

According to the Toronto Regional Real Estate Board (TRREB), the month of May has finally shown a small rebound in Canada’s largest real estate market. Housing sales have increased by 53.2% since April 2020, as some restrictions are being lifted and consumers are adjusting to the use of social distancing measures. However, activity is still far from reaching pre COVID-19 levels.

The average selling price for homes in the Greater Toronto Area in May was $863,599 – a figure that has remained relatively steady throughout the pandemic. The lack of change in housing prices is indicative of a decrease in home listings, which have dropped 42.8% year-over year. According to Jason Mercer, who is a chief market analyst at TRREB, the housing market will gradually continue on the path to pre-pandemic growth levels if there are no setbacks in the re-opening of Canada’s economy.

Information for this briefing was found via Bloomberg, National Post, and Toronto Real Estate Board. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Bank of Canada Warns Some Canadians Are Taking On Too Much Debt Chasing Housing Prices

The Bank of Canada is sounding the alarm over the country’s housing market, which continues...

Saturday, April 3, 2021, 03:14:00 PM

Mexico, Canada Must ‘Shut Border’ to Avoid Tariffs Says Trump’s Commerce Pick

Howard Lutnick, President Donald Trump’s nominee for Commerce Secretary, said on Wednesday that Mexico and...

Thursday, January 30, 2025, 02:04:00 PM

4 in 10 Canadians Surveyed Support Mandatory Random COVID-19 Testing

It appears that the majority of Canadians are not in favour of random required testing...

Tuesday, August 25, 2020, 10:52:33 AM

Central Banks Are Loading Up On Gold Reserves While Canada Has None

Central bankers in charge of trillions of dollars in foreign exchange reserves are stockpiling gold...

Monday, April 24, 2023, 03:00:23 PM

Canada: The Country of Renters

Canada, the nation typically heralded for the relative ease it takes to climb the social...

Saturday, December 10, 2022, 03:41:00 PM