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Fresh Lockdowns Halt Toronto Housing Activity Momentum

CANADA
  • April witnessed a 20% decline in Toronto home sales on an annualised basis from the prior month. In similar fashion, Vancouver's real estate board published data showing a 14% drop.
  • Toronto's average price for a home also fell 3.6%, with both the sales and price data representing the largest fall since April 2020 as the pandemic first started to impact activity.
  • The figures come after Toronto has experienced an extremely rapid pace of home sales since the summer of 2020, while seeing little in the way of population growth.
  • Surging demand prompted warnings from the government's own national housing agency that risks of a bubble were growing, and prominent economists have called for policy makers to step in to slow it down.
  • Despite a renewed wave of infections sweeping parts of the country, causing Toronto and the rest of the province of Ontario to be placed under a stay-at-home order – home sales for April (10,800) was still a record for the month of April, indicating the slowdown may only be temporary.
  • "While the pace of price growth could moderate in the coming months, home prices will likely continue on the upward trend," Jason Mercer, the Toronto real estate board's chief market analyst, said in a statement. "Renewed population growth over the next year coupled with a persistent lack of new inventory will underpin home-price appreciation."
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