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Big markets suffer largest sales decline

May 27, 2020

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Housing sales were slashed nearly in half between February and April across Canada, but it was bigger cities where the cuts were deepest, says according to a Zoocasa study released May 22.
In all, 20,630 Canadian homes changed hands in April compared to 38,161 in February, marking a 46 per cent decrease in sales. But Canada’s largest markets experienced a sales decline that outpaced the national average.
Greater Toronto had substantial declines in both average home price and sales. Sales in particular dropped 59 per cent, from February. Similarly, Hamilton-Burlington and Niagara also noted sales declines of 52 per cent and 55 per cent, respectively.
Montreal, one of the regions most affected by the pandemic, saw sales plunge a whopping 65 per cent between February and April from 5,338 to 1,890.
The average Montreal home price declined at a much slower rate, dropping $5,125 to $434,720 in April. In Quebec City, sales declined 64 per cent, but the average home price rose 1 per cent to $277,075.
Greater Vancouver had just 1,119 sales in April; 49 per cent lower than the number of sales in February, but benchmark home prices increased 2 per cent (or about $24,000) to $1.03 million.
Calgary, a market already experiencing a slowdown in recent years, saw a 49 per cent drop in sales from 1,521 in February to 776 in April. The average price fell 6 per cent, to $409,318, the lowest average price in the past five years.

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