With Toronto housing prices being some of the most expensive in the country, it can sometimes be hard to hold onto hope for buying a home in the city. However, Toronto's Regional Real Estate Board offered a glimpse into the housing market in April, and it's not all bad news. According to the report, Toronto housing prices actually dropped this month.
The TRREB released its data for the first half of April on Wednesday. The city’s new social distancing by-laws, which are telling everyone to stay in their homes, has affected the total number of homes sold in the 6ix.
According to TRREB, Toronto saw a decrease of a whopping 69% in home sales compared to what last year’s average was at the time.
However, when it comes to things getting cheaper as a result of the lockdown, the results were less dramatic. The report revealed that housing prices have actually dropped this month, but not by as much as you may have hoped.
The average selling price across the GTA dropped by just 1.5 percent.
However, detached homes were hit the hardest and actually saw a 9.1% drop in prices. So, if you are looking to buy, you might want to start looking at some of the detached homes around the city.
“The state of emergency measures currently in place, including the necessary enforcement of social distancing, has impacted the real estate market in many ways," read a statement from Toronto Regional Real Estate Board President Michael Collins.
However, Collins also pointed out that once the global pandemic begins to recover, it is likely that the temporary drop in housing sales will see an acceleration.
So if you're looking to cash in on these dropped prices, you might want to act now.
Toronto Regional Real Estate Board President Michael Collins is reporting results for the first 17 days of April 20… https://t.co/TjJWwjH5Jm— Toronto Regional Real Estate Board (@Toronto Regional Real Estate Board)1587546045.0
“All of the COVID-19 related issues and measures have translated into a temporary drop in the number of transactions, a drop that will persist until we experience a meaningful and sustained decline in the number of cases,"
"However, once recovery begins, it will likely accelerate in earnest as buyers seek to satisfy pent-up demand that will build up over the course of the spring and at least part of the summer,” he concluded.