Market Watch, April 2020
The Toronto Real Estate Market Report With Chris Kapches
MAY 11, 2020
The Toronto and area resale market performed as expected in April. As reported in our March market report, the implementation of the emergency lockdown measures had a crushing impact on the resale housing market. With most businesses closed and more than three million Canadians unemployed there was no reason to believe that the resale market would miraculously revive in April.
Sales dropped precipitously, declining by an unprecedented 67 percent compared to April 2019, to only 2,975 this year. Although, the decline is shocking, viewed from a different perspective it is amazing that the decline wasn’t worse. With businesses, restaurants and bars closed, with people being ordered to stay home by governments and health authorities, and with industry-wide restrictions on accessing properties, 2,975 reported sales are a testament to the strength and resilience of the Toronto resale market.