Company News

TABLE-Toronto real estate market picked up in June as economy reopened from coronavirus shutdowns

    July 7 (Reuters) - The Toronto Regional Real Estate Board (TRREB) revised
down its housing sales outlook for 2020 on Tuesday on subdued transactions
resulting from the coronavirus pandemic, even as the housing market rebounded in
    Total home sales across the greater Toronto area fell 1.4% in June from June
2019, compared with a 53.7% drop in May. Listings rose 2.1% year-over-year,
versus a 53.1% decline in May. 
    But the slower market conditions in March, April and May led TRREB to revise
its annual housing market outlook down to 80,000 sales from an initial
projection in February of 97,000. It noted there remained downside risks to the
housing market.
    "We are still in the early days of recovery, but barring any setbacks, we
should continue to see stronger market conditions in the second half of 2020 as
households look to satisfy their ownership housing needs," TRREB President Lisa
Patel said in a release. 
    A resurgence in Canadian COVID-19 cases could slow the economic restart or
cause restrictions to be reimposed, it said, while a negative economic impact 
associated with a rise in U.S. coronavirus cases could continue to affect trade,
employment and overall household wealth via equity markets. 
                 JUNE 2020     MAY 2020     JUNE 2019    YR/YR PCT CHANGE
 TOTAL SALES    8,701        4,606         8,826         -1.4%
 AVERAGE PRICE  C$930,869    C$821,392     C$831,882     11.9%
 NEW LISTINGS   16,153       6,174         15,824        2.1%
 After preliminary seasonal adjustment
                JUNE 2020     MTH/MTH PCT CHANGE
 SALES          6,518       83.8%
 AVERAGE PRICE  C$906,874   9.8%
 Sales by type of property
                        JUNE 2020      YR/YR PCT CHANGE
 DETACHED           4,445              5.6%
 SEMI-DETACHED      798                -9.3%
 TOWNHOUSE          1,573              6.5%
 CONDO APARTMENT    1,793              -16.3

 (Reporting by Kelsey Johnson in Ottawa; Additional reporting by Nichola
Saminather in Toronto; Editing by Peter Cooney)