Covid-19 Condo Market stats
Downtown Toronto
Average Prices – Year over Year Comparison
Covid-19 Responses in Canada Really ramped up as of March 11th. Price over 30 days and over one year are down in the downtown core.
There is a significant drop from Feb 2020 and March 2020; I’m not concerned by this drop though, as Feb and March were insanly hot months for real estate…and covid has drastically slowed activity down in the market which in turn brought prices down.
%
Decrease In avg. value over 30 days
%
Decrease in avg. value over 1 Year
Number of Sales – Year over Year Comparison
As expected, the number of sales are down significantly from April 2019 and March 2020. April is typically a month of high sales numbers but Covid-19 has taken a lot of people out of market. The general public is not buying because of caution, and/or employement changes.
%
Decrease In Sales Over 30 Days
%
Decrease In Sales Over 1 Year
Avg. Days on Market – Year over Year comparison
It seems like even though sales are down, when properties hit they market they are still selling fast (in fact, on average properties are selling faster than they did in April 2019).
Average days to Sell In April 2020
Average days to Sell In March 2020
Average days to Sell In April 2019
List to Sell Ratio – 2019 to Now
List to sale ratio represents how much of the list price the property actually sells for. In a down market, you will see the percentage be far off 100%.
In March properties were selling higher than their ask price. Right now, properties are selling for their ask price (and some properties are still getting multiple offers and selling higher). These numbers indicate that there is no “crash” in the market as sellers are still getting what they are asking for, they just aren’t getting over what they are asking.
%
On average properties sold 5% higher than their ask price in March
%