CREA March 2020 Statistics
April 15, 2020 @ 9:32 AM
Posted by: DRAR
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales and listings were down sharply between February and March 2020.
- National home sales fell 14.3% on a month-over-month (m-o-m) basis in March.
- Actual (not seasonally adjusted) activity was up 7.8% year-over-year (y-o-y).
- The number of newly listed properties dropped 12.5% m-o-m.
- The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 6.9% y-o-y.
- The actual (not seasonally adjusted) national average sale price climbed 12.5% y-o-y.
Home sales recorded over Canadian MLS® Systems dropped by 14.3% in March 2020 compared to February, as the economic turmoil and physical distancing rules surrounding the COVID-19 pandemic caused both buyers and sellers to increasingly retreat to the sidelines over the second half of the month.
With COVID-19 protocols in place, there are no longer open houses, and in-person showings are being discouraged. That doesn't change the fact that some people still need to buy and sell homes - for many reasons.
Inventory has not picked up substantially, as new listings continue to hit the market at a pace close to sales, thereby keeping prices relatively in line with February levels. There are segments that have changed, and I will expand on those later on in this article.
Durham Region's real estate market is anything but normal due to the health crisis that has affected virtually all aspects of life. While sales volume has significantly dropped since the mid-point of March, the local market is in surprisingly good condition overall.
Real estate brokerages (and supporting services) continue to operate, with most offices closed to the public, and business being conducted using technology instead of in-person where possible.