Toronto And Vancouver Home Sales Rise Despite Slowdown In Second Half Of March

Home sales in Toronto and Vancouver rose in Canada during March despite coronavirus containment measures that led to a sharp drop-off in activity at the end of the month.

A total of 8,012 homes were sold across the Greater Toronto Area in March, marking a 12.3% year-over-year jump, according to data released by the Toronto Real Estate Board (TREB). Of those sales, 4,643 were registered in the first half of the month, marking a 49% jump from the same period last year, according to TREB. In the second half of the month, Toronto home sales were down almost 16% from the back half of March 2019.

Overall, active listings of homes available for purchase across the Greater Toronto Area sank 31.5% year-over-year in March, according to TREB, continuing a trend that's seen inventory decline in recent months. The March sales activity pushed the average selling price of a house in Toronto up 14.5% year-over-year to $902,680.

Meanwhile, in Vancouver, overall sales for the month of March rose 46.1% to 2,524 units compared with a year earlier. Sales averaged 138 units per day for the first 10 days of March but were down to an average of 93 a day during the last 10 days of the month.

New listings in Vancouver were down 10.4% from the same month last year to 4,436, units but up 10.8% from February. The decline in sales left activity down 19.9% from the 10-year average and put a hold on the recovery momentum that the market had been seeing since the end of 2019.

The average home price in Vancouver rose 2.1% in March to $1.03 million.