TRREB (Toronto Regional Real Estate Board) have released their May 2020 housing statistics.
The following are some highlights relating to the report
- Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020.
This result was down by 53.7 per cent compared to May 2019
- While the number of sales was down substantially on a year-over-year basis due to the continued impact
of COVID-19, the decline was less than the 67.1 per cent year-over-year decline reported for April 2020
- On a month-over-month basis, actual and seasonally adjusted May sales were up substantially compared to April. Actual May 2020 sales increased by 55.2 per cent compared to April 2020. After accounting for the regular seasonal increase that is experienced each year between April and May, seasonally adjusted sales were up by 53.2 per cent month-over-month.
- The number of new listings entered into TRREB’s MLS® System in May was down by a similar annual rate to that of sales, dipping by 53.1 per cent to 9,104. On a month-over-month basis, actual new listings were up by 47.5 per cent.
In April of 2020, GTA Realtors reported 2975 residential transactions, a huge going off the cliff number, (down by 67% Y/Y). So the notion of sales being up "55.2%" month over month is insignificant. The Greater Toronto Market has a long way to go before we get back to normal numbers and trends.
Do we have increase activity of buyers looking for homes in today's market? YES WE DO!
But only with certain types of properties, specific areas across the GTA and at certain price points do we see this happening. People are giving the NOD to go forward with such acquisitions.
The inventory isn't there yet, so this could put UPWARD pressure on prices temporarily, the whole macroeconomic situation has not fully unfolded yet, only time will tell where prices and sales volume will go.