Here’s How Much Prices and Sales Changed in Each Municipality
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It’s evident that COVID-19 is having a far-reaching impact on the Canadian economy and healthcare system. Although the Greater Toronto Area (GTA) real estate market was previously gearing up for a busy spring season, policy and physical distancing measures resulting from Ontario’s state of emergency declaration put a damper on much of the expected sales activity.
The Toronto Regional Real Estate Board (TRREB) noted that the impact of COVID-19 on sales and prices in the GTA appeared muted in March, largely due to strong sales activity in the first half of the month, which was before any COVID-19 measures were implemented.
To keep a pulse on market activity in the short term, Zoocasa used data from the TRREB to calculate the change in average home prices and home sales between March 16 – April 15, 2020 compared to the same period in 2019 to understand how the market changed across the GTA one month after COVID-19 measures were put into effect, or what TRREB calls the “post-COVID” period in their March market update.
Zoocasa’s analysis revealed that home sales dropped over 50 per cent year-over-year (y-o-y) during this period in most GTA regions, with the exception of Durham Region where sales dropped 30 per cent. On the other hand, all 27 GTA municipalities except two experienced (y-o-y) price growth.
Here’s a snapshot of where average prices and home sales landed in each GTA region for March 16 to April 15, one month after COVID-19 measures were introduced by Ontario.
City of Toronto Prices Rise Except in Toronto Central
For the period of March 16 to April 15, the average sold home price grew four per cent y-o-y in the City of Toronto, ending up at $918,796. A closer look at prices in the region revealed that Toronto East experienced a double digit, 14 per cent gain to $872,658 and Toronto West noted an eight per cent average home price increase to $878,658. Toronto Central is one of two municipalities out of 27 in the GTA where prices declined; the region noted a one per cent drop in prices to $984,332.
Emma Pace, a Zoocasa real estate agent in Toronto, noted that buyers in the region now face a more levelled playing field. “Although we haven’t seen drastic price reductions, buyers in Toronto have been able to get a few days for a conditional period, which was a rare occurrence pre-COVID,” said Pace.
Sales on the other hand, experienced sharp declines. The City of Toronto as a whole experienced a 54 per cent drop, with just 1,456 sales taking place in the month since emergency measures were introduced. Toronto Central sales declines were slightly higher than the city-wide average, with a 57 per cent decline and 634 transactions.
Pace also noted that agents and clients alike are now relying heavily on virtual technology to facilitate viewings and conduct due diligence prior to any in-person viewings. While there are significantly fewer in-person showings for listings with COVID-19 health and safety measures in place, she notes that the ratio of showings that translate to offers is much higher as buyers are only viewing properties at the very top of their list.
Home Sales in Durham Least Impacted Compared to Other GTA Regions
Home sales dropped 30 per cent in Durham Region with 724 home transactions in the month following COVID-19 emergency measures being put in place. Prices grew a modest 3 per cent y-o-y to $632,227.
In Ajax, average home prices rose nine per cent to $708,034, but sales dropped 31 per cent. Whitby average prices followed a similar trend, with a five per cent increase in average prices to $690,307 but a 35 per cent drop in sales. Oshawa experienced a seven per cent increase in average sold home prices to $519,955 and a 21 per cent y-o-y sales decline.
“In mid-March, it felt like buy and sell inquiries came to a halt for the first 2 weeks of the quarantine,” says Robin Pacquing, a Zoocasa real estate agent in Durham. She noted that buyers who are moving forward with purchases understand that they could be in a position where they buy a house conditional on a viewing, but where the offer is made sight-unseen.
Pacquing highlighted that just like in Toronto, virtual meetings and showings have become the norm since physical distancing measures have been put in place.
In Halton Region, Oakville Sees Double Digit Price Growth
“Buyers are much more focused on what they are truly looking for”, says Alex Kupiec, a Zoocasa real estate agent in the Halton Region. He noted that under current conditions active buyers are only interested in viewings for properties they consider to be “true contenders.” In the same vein, unless they absolutely need to sell, most sellers have decided to wait out current market conditions to maximize their potential sale price once health and economic conditions begin to improve.
Sales data reflects this sentiment, with home sales down 54 per cent across the region for the period of March 16 to April 15. That being said, home prices in Halton Region have grown five per cent y-o-y, with the highest increase in Oakville, where the average home price remains over the million dollar mark at $1,059,850. Milton was a close second, with seven per cent growth in average prices y-o-y, but a 56 per cent decrease in sales.
In comparison, Burlington average home prices remained relatively steadier, with a one per cent increase y-o-y to $783,561; sales dropped 51 per cent y-o-y. Similarly, a closer look at Halton Hills revealed that home prices grew 2 per cent to $785,898 while sales dropped 41 per cent y-o-y.
Brampton Leads Peel Region Price Growth One Month After COVID-19 Measures Implemented
Average home prices in Peel grew six per cent y-o-y to $800,025 in the month since emergency measures were implemented. Brampton led the pack with respect to average price growth with an eight per cent increase to $768,710. In Mississauga, the average home price was $819,096 after one month of quarantine measures, reflecting a seven per cent y-o-y increase.
Sales on the other hand dropped 59 per cent across the region. There were 355 home sales in Brampton, and 381 sales in Mississauga during the month.
“During the second and third week of March, the majority of my clients paused their home search due to economic uncertainty, future expectations of price reductions and health concerns,” says Renzo Amorin, a Zoocasa real estate agent in Peel Region. He noted that by early to mid-April, clients who felt more financially stable and already had money saved for a down payment decided to continue their search.
York Region Experiences Highest Regional Price Gains; Sales Drop Over 50 Per Cent
York Region average home prices grew eight per cent to $959,364, while sales across the region declined by 52 per cent during the period of March 16 to April 15.
Markham home prices grew by 17 per cent to cross the million mark at $1,030,611, even though sales declined by 50 per cent compared to the same period last year. Vaughan experienced one of the steepest declines in sales in the region at 61 per cent and just 150 homes changing hands. The average home price in Vaughan ended up at $1,006,503, marking a 7 per cent increase y-o-y. Home prices inched up by one per cent in Richmond Hill to $973,574, while sales declined 44 per cent.
As with other municipalities across the region, Claudio Castro, a Zoocasa real estate agent in York Region said that buyers and sellers are relying heavily on virtual technology to complete transactions under current conditions. “The idea is to give the buyer the best access to the property as possible, without putting them or the seller at risk,” said Castro.
Check out our infographic below to see how average sold prices and home sales for March 16 to April 15, one month “post-COVID”, compare to the same period last year for all GTA markets.
Plus, find our round up of the GTA areas with the highest and lowest price increases, calculated based on regions with at least 20 home sales between March 16 and April 15, 2020 further below.
GTA Municipalities with the Largest Price Increases
- Markham, York Region
Average home price, Mar 16 – April 15, 2020: $1,030,611
Average home price change from Mar 16 – April 15, 2019: +17%
Home sales, Mar 16 – April 15, 2020: 196
Home sales change from Mar 16 – April 15, 2019: -50%
- Toronto East, City of Toronto
Average home price, Mar 16 – April 15, 2020: $872,658
Average home price change from Mar 16 – April 15, 2019: +14%
Home sales, Mar 16 – April 15, 2020: 420
Home sales change from Mar 16 – April 15, 2019: -49%
- Aurora, York Region
Average home price, Mar 16 – April 15, 2020: $961,474
Average home price change from Mar 16 – April 15, 2019: +13%
Home sales, Mar 16 – April 15, 2020: 55
Home sales change from Mar 16 – April 15, 2019: -47%
- E. Gwillimbury, York Region
Average home price, Mar 16 – April 15, 2020: $869,193
Average home price change from Mar 16 – April 15, 2019: +12%
Home sales, Mar 16 – April 15, 2020: 27
Home sales change from Mar 16 – April 15, 2019: -49%
- Whitchurch-Stouffville, York Region
Average home price, Mar 16 – April 15, 2020: $1,023,796
Average home price change from Mar 16 – April 15, 2019: +12%
Home sales, Mar 16 – April 15, 2020: 23
Home sales change from Mar 16 – April 15, 2019: -65%
GTA Municipalities With Largest Price Decreases or Smallest Increases
- King, York Region
Average home price, Mar 16 – April 15, 2020: $1,184,900
Average home price change from Mar 16 – April 15, 2019: -2%
Home sales, Mar 16 – April 15, 2020: 20
Home sales change from Mar 16 – April 15, 2019: -44%
- Toronto Central, Toronto
Average home price, Mar 16 – April 15, 2020: $984,332
Average home price change from Mar 16 – April 15, 2019: -1%
Home sales, Mar 16 – April 15, 2020: 634
Home sales change from Mar 16 – April 15, 2019: -57%
- Burlington, Halton Region
Average home price, Mar 16 – April 15, 2020: $783,561
Average home price change from Mar 16 – April 15, 2019: +1%
Home sales, Mar 16 – April 15, 2020: 130
Home sales change from Mar 16 – April 15, 2019: -51%
- Caledon, Peel Region
Average home price, Mar 16 – April 15, 2020: $932,810
Average home price change from Mar 16 – April 15, 2019: +1%
Home sales, Mar 16 – April 15, 2020: 29
Home sales change from Mar 16 – April 15, 2019: -72%
- Richmond Hill, York Region
Average home price, Mar 16 – April 15, 2020: $973,574
Average home price change from Mar 16 – April 15, 2019: +1%
Home sales, Mar 16 – April 15, 2020: 140
Home sales change from Mar 16 – April 15, 2019: -44%
Methodology
Average home prices and sales for each municipality are based on the sold date of March 16 to April 15, 2020 and March 16 to April 15, 2019. Data was retrieved on April 22, 2020.
© 2015 – 2020 Zoocasa Realty Inc., Brokerage
