The Toronto Real Estate Board reported 8,012 home sales in March 2020 – up by 12.3% 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 15th.
• 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% 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% compared to the same period in March 2019.
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 15th) by 18.4%.
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% compared to March 2019. The average selling price for sales reported between March 15th and March 31st, was $862,563 – down from the first half of March 2020, but still up by 10.5% compared to the same period last year.
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