2020 March Market Watch
Market Watch QDAR President Heather Plane’s Remarks:
QDAR and other real estate markets across Ontario are reporting strong sales results for March relative to the same month last year. There is a lag in time that occurs between the time sales/listings are made/posted and when we report monthly sales/listings numbers. Ontario has experienced significant changes during that lagtime, so many people may be wondering why real estate sales in March were strong. That’s because the impacts of the COVID-19 health crisis became evident only in the second half of March. The amount of market activity changed substantially as the COVID-19 public health authority social distancing measures came into practice and local REALTORS® followed those guidelines recommending to clients to postpone real estate transactions to protect their health and safety until after the state of emergency was lifted. Sales figures for April will provide a more accurate reflection of the impact of COVID-19 on real estate markets throughout the province. The March monthly Dollar Sales for Residential Listings resulted in an increase of 12.9% with $86,013,516 for 2020 compared to $76,165,193 for 2019. The Residential Average Sale Price for March showed an increase over 2019, with the March 2020 price of $377,252 resulting in a 10.0% increase over the March 2019 amount of $343,086. Residential Unit Sales for March 2020 resulted in 228 sales, up from 222 sales for 2019, for an increase of 2.7%. The number of Active Residential Listings currently sits at 707 units compared to 833 units in 2019 resulting in a reduction of 15.1%.
