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MARCH 2020
Economic Indicators Real GDP Growth Q4
0.4%
2019
Toronto Employment Growth February
4.6%
2020
Toronto Unemployment Rate (SA) February
5.4%
2020
Inflation (Yr./Yr. CPI Growth) February
2.2%
2020
Bank of Canada Overnight Rate March
2020
0.25%
2020
2.45%
Prime Rate March
Mortgage Rates
March 2020
1 Year
3.29%
3 Year
3.94%
5 Year
5.04%
(416) 443-8158
TRREB MLS® Sales Activity1,7
GTA REALTORS® RELEASE MARCH STATS TORONTO, ONTARIO, April 3, 2020 – Toronto Regional Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,012 home sales through TRREB’s MLS® System in March 2020 – up by 12.3 per cent compared to 7,132 sales reported in March 2019. However, despite a strong increase in sales for March 2020 as a whole, there was a clear break in market activity between the pre-COVID-19 and post-COVID-19 periods. For the purposes of this release, the start of the post-COVID-19 period was the week beginning Sunday, March 15.
8,012
• The overall March sales result was clearly driven by the first two weeks of the month. There were 4,643 sales reported in the pre-COVID-19 period, accounting for 58 per cent of total transactions and representing a 49 per cent increase compared to the first 14 days of March 2019. • There were 3,369 sales reported during the post-COVID-period – down by 15.9 per cent compared to the same period in March 2019.
March 2020
i - Statistics Canada, Quarter-over-quarter growth, annualized ii - Statistics Canada, Year-over-year growth for the most recently reported month iii - Bank of Canada, Rate from most recent Bank of Canada announcement iv - Bank of Canada, Rates for most recently completed month
March 2019
TRREB MLS® Average Price1,7
For March as a whole, new listings were up by three per cent year-over-year to 14,424. However, similar to sales, new listings dropped on a year-over-year basis during the second half of the month (beginning March 15) by 18.4 per cent. The MLS® Home Price Index Composite Benchmark price was up by 11.1 per cent year-over-year in March 2020. The average selling price for March 2020 as a whole was $902,680 – up 14.5 per cent compared to March 2019. The average selling price for sales reported between March 15 and March 31, was $862,563 – down from the first half of March 2020, but still up by 10.5 per cent compared to the same period last year.
$902,680
$788,133
Sales & Average Price By Major Home Type1,7 March 2020
Sources and Notes:
7,132
March 2020 Sales
Average Price
Home Type
416
905
Total
416
905
Total
Detached Semi-Detached
833 229
2,927 522
3,760 751
1,465,826 1,155,457
1,005,999 772,796
1,107,870 889,480
Townhouse
292
1,096
1,388
834,201
690,848
721,006
Condo Apt
1,402
612
2,014
712,746
535,189
658,791
Year-Over-Year Per Cent Change Detached Semi-Detached Townhouse Condo Apt
Copyright® 2020 Toronto Regional Real Estate Board
25.1% 7.0% -0.3% 4.2%
15.4% 17.0% 15.2% -0.2%
17.4% 13.8% 11.6% 2.9%
15.4% 13.2% 12.7% 18.1%
10.6% 13.3% 11.9% 15.4%
12.5% 12.3% 11.6% 17.7%
March 2019
Year-Over-Year Summary1,7 Year Sales New Listings 2 Active Listings 3 1 Average Price 5 Avg. LDOM 5 Avg. PDOM
2019
7,132 14,004 15,576 $788,133 21 30
2020
8,012 14,424 10,676 $902,680 13 17
Market Watch, March 2020
% Chg.
12.3% 3.0% -31.5% 14.5% -38.1% -43.3%
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