May 5, 2020 / 9:02 AM / 24 days ago

TABLE-Toronto home sales plunge in April as coronavirus restrictions hit real estate

    May 5 (Reuters) - Residential sales and listings in Toronto's housing market
were hammered in April as social-distancing restrictions combined with the
economic impact of the coronavirus pandemic hit the city's real estate market,
data from the Toronto Real Estate Board showed on Wednesday. 
    Total home sales across the greater Toronto area plunged 67% compared with
April 2019, while listings fell 64.1%.
    "The necessary social distancing and economic impacts associated with
COVID-19 clearly impacted home sales and listings throughout April 2020," TREB
President Michael Collins said in a statement. He added he expected
social-distancing measures would remain "in place for the foreseeable future."
    Officials across Canada have shuttered non-essential businesses and urged
people to stay at home as much as possible in order to slow the outbreak.
    April housing prices rose 0.1% as enough active buyers relative to available
listings kept prices in line with last year's levels, the real estate board
noted. Realtors, TREB said, have been able to facilitate some transactions for
buyers and sellers using technology, like virtual open houses.
    The following are details on Toronto home sales and prices in April,
released by the Toronto Real Estate Board on Tuesday.    
                APRIL 2020   MARCH 2020     APRIL 2019   YR/YR PCT CHANGE
 TOTAL SALES    2,975        8,012         9,005         -67.0%
                                                         
 AVERAGE PRICE  C$821,392    C$902,680     C$820,373     0.1%
 NEW LISTINGS   6,174        14,424        17,212        -64.1%
 After preliminary seasonal adjustment
                APRIL 2020    MTH/MTH PCT CHANGE
 SALES          2,347       -66.2%
 AVERAGE PRICE  C$789,274   -11.8%
 Sales by type of property
                       APRIL 2020      YR/YR PCT CHANGE
 DETACHED           10,676             -4.5%
 SEMI-DETACHED      2,064              -10.2%
 TOWNHOUSE          3,833              -9.5%
 CONDO APARTMENT    5,911              -16.4%
 

 (Reporting by Kelsey Johnson in Ottawa; Editing by Peter Cooney)
  
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