April 22, 2020 / 9:03 AM / 4 months ago

TABLE-Toronto home sales slump in April 1st half, fewer listings limit price drop -TRREB

    TORONTO, April 22 (Reuters) - Housing sales in Toronto slumped in the first
half of April, as uncertainty about the economic impact of the COVID-19 outbreak
weighed on demand, but a nearly commensurate drop in listings kept price
declines in check, data from the Toronto Regional Real Estate Board showed on
Wednesday.
    Total home sales across the greater Toronto area slumped 69% from April 1 to
17, while listings fell 63.7%, TRREB said in a report. Average home prices
decreased 1.5%
   "Home buyers and sellers have concerns about the economy and indeed their own
employment situations. On top of this, many buyers and sellers are avoiding any
type of in-person interaction," TRREB President Michael Collins said in the
statement. 
    TRREB expects the biggest declines in home sales to come in the second
quarter, with the market recovering following that "if public health forecasts
assuming strong social distancing measures play out as expected." 
                1ST-HALF APRIL 2020  1ST-HALF APRIL 2019  YR/YR PCT CHANGE
 TOTAL SALES        1,654                5,343            -69.0%
                                                          
 AVERAGE PRICE  C$819,665            C$832,430            - 1.5%
 NEW LISTINGS       3,843               10,595            -63.7% 
  Sales by type of property
                     1ST-HALF APRIL    YR/YR PCT CHANGE
 DETACHED           758                -69.1%
 SEMI-DETACHED      187                -64.4%
 TOWNHOUSE          296                -67.6%
 CONDO APARTMENT    388                -72.0%
 Average price by type of property
                     1ST-HALF APRIL    YR/YR PCT CHANGE
 DETACHED           C$990,543          -4.6% 
 SEMI-DETACHED      C$857,023           2.9%
 TOWNHOUSE          C$686,435           3.8%
 CONDO APARTMENT    C$578,594          -1.8%
  

 (Reporting by Nichola Saminather in Toronto; Editing by Peter Cooney)
  
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