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
June.
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)
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