TORONTO -- The Toronto Regional Real Estate Board reports home sales in the Greater Toronto Area plunged 67 per cent in April as the economic effects of the COVID-19 pandemic put a chill on the housing market.
TRREB says there were 2,975 residential transactions in the GTA in April compared with 9,005 transactions in April 2019.
Sales in the City of Toronto fell nearly 68 per cent year over year, while the average price fell 2.5 per cent, to $881,424 in April 2020 from $904,199 a year earlier.
On a seasonally-adjusted basis, TRREB said April home prices in the GTA fell 11.8 per cent from March.
Condo rentals were down on a year-over-year basis in April, falling 57.9 per cent for one-bedroom units and 54.4 per cent for two-bedroom units.
Prices for renters were also down for the month, with the average one-bedroom rent falling 2.7 per cent to $2,107, and the average two-bedroom rent falling 4.1 per cent to $2,705.
"These are unprecedented times," said TRREB CEO John DiMichele in a statement. "Past recessions and recoveries do not necessarily provide the best guide as to how the housing market will recover from the impact of the COVID-19 pandemic. A key factor for the housing market recovery will be a broader reopening of the economy, which will result in an improving employment picture and a resurgence in consumer confidence."
This report by The Canadian Press was first published May 5, 2020.