Properties are still getting bidding wars: Real estate broker
Canada's largest housing market has posted another month of double-digit sales growth even though the COVID-19 containment measures that took hold in the country caused a sharp drop in activity to end March.
A total of 8,012 homes were sold across the Greater Toronto Area last month, marking a 12.3 per cent year-over-year jump, according to data released by the Toronto Regional Real Estate Board Friday.
Of those sales, 4,643 were registered in the first half of the month, marking a 49-per-cent jump from the same period last year, according to TRREB. In the second half of the month, sales were down almost 16 per cent from the back half of March 2019.
"Uncertainty surrounding the outbreak’s impact on the broader economy and the onset of the necessary social distancing measures resulted in the decline in sales since March 15," said TRREB president Michael Collins in a release. "Sales figures for April will give us a better sense as to the trajectory of the market while all levels of government take the required action to contain the spread of COVID-19."
Overall, active listings of homes available for purchase across the GTA sank 31.5 per cent year-over-year in March, according to TRREB, continuing a trend that's seen inventory dry up in recent months. That, combined with the rise in sales activity, saw the average selling price increase 14.5 per cent year-over-year to $902,680.