Here’s how Toronto’s Urban Markets Reacted during Week 6 of the COVID-19 Lockdown
You can see the video below from my Facebook post but if reading is more your thing, you can read a summary right here.
Hello and Happy Easter, everyone! Sorry to bother you during the Holiday, however, it’s time for Week 6 Real Estate Stats with some very interesting context to all the numbers you’ve been seeing out there.
There were a total of 15 houses sold in the urban communities of Toronto this past 7 days (down from 81 in week 1 with an average price of $1,171,933 down 18.4% from March 1-8.
That’s a huge decline in activity and sale price but most notably for the first time during Covid times there were ZERO $1.5M+ sales.
Right now it seems as though the average price of these urban homes is being dragged down by the lack of activity in the luxury price point of $1.5M++ as homes in the $900K to $1.5 range seem to be selling for prices you’d expect (most of the time) prior to Covid uncertainly
❗️I’d bet we’ll see a pretty flat if not a slight up-tic when I report next Sunday.
Condos are falling in line with houses with only 29 sales this past week and we saw a flatline in the $1M++ price point with only 5 last week and now for the first time ZERO this week.
The average condo price $690,586 is a tiny increase from last week and a 16.6% decrease from Week 1 where there a whopping 35 $1M++ sales.
Drilling down in the $500K-$800K price point there was loads of activity with many of the lower end units selling over asking in record time.
I haven’t seen much change in price of any condos $500-$700K or houses in the $900-$1.2M range. That shows in the flat average price week over week. We should see that again next week.
✅For now it seems as though houses below $1.5M are selling and so are condos under $700K.
♂️The accessible luxury price point of $1M plus for condos and $1.5M+ for houses seems to have dried up completely.
Comment below for more context if anything is confusing. DM if you’re too shy