June 3, 2020 / 9:02 AM / a month ago

TABLE-Toronto home sales, listings plunge in May as COVID-19 crisis continues

    June 3 (Reuters) - Residential sales and listing in Toronto's housing market
plunged again in May as the coronavirus pandemic hit the real estate market, but
the free fall was less severe compared to the previous month's decline, the
Toronto Regional Real Estate Board (TRREB) said on Wednesday. 
    Total home sales across the greater Toronto area fell 53.7% in May compared
with May 2019, while listings fell 53.1%. In April, the board reported sales
plummeted 67.0%, while listings dropped 64.1%.
    "While the public health and economic concerns surrounding COVID-19 continue
to impact the housing market, the May sales results represented a marked
improvement over April," TRREB President Michael Collins said in a statement.
    "Providing we continue to see a gradual reopening of the economy, it is very
possible that home sales will continue to improve in the coming months," he
added. 
    Officials shuttered most non-essential businesses, starting in mid-March and
urged people to stay at home to slow the spread of the coronavirus, but in
recent weeks, many of Canada's 10 provinces have gradually started to reopen
their economies.
    May housing prices rose 3.0% year-over-year, TRREB said, while the average
selling price jumped 4.6% month-over-month compared to April 2020.
    
                 MAY 2020     APRIL 2020    APRIL 2019   YR/YR PCT CHANGE
 TOTAL SALES    4,606        2,975         9,950         -53.7
                                                         
 AVERAGE PRICE  C$863,599    C$821,392     C$838,248     3.0%
 NEW LISTINGS   9,104        6,174         19,394        -53.1
 After preliminary seasonal adjustment
                 MAY 2020     MTH/MTH PCT CHANGE
 SALES          3,549       53.2%
 AVERAGE PRICE  C$825,674   4.6%
 Sales by type of property
                        MAY 2020       YR/YR PCT CHANGE
 DETACHED           2,285              -50.6%
 SEMI-DETACHED      463                -54.4%
 TOWNHOUSE          815                -50.7%
 CONDO APARTMENT    1,002              -60.4%
    
    

    
 (Reporting by Kelsey Johnson in Ottawa; Editing by Lisa Shumaker)
  
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