MLS® RESIDENTIAL MARKET REPORT FOR APRIL 2020










How has COVID-19 affected sales?


Despite the strong start, it has most definitely cooled down the market. Growth in average sales price remained, as the number of sales decreased in Hamilton, Burlington, Oakville and Mississauga, compared to April 2019. 

The events of this pandemic have impacted our daily lives and the functioning of our communities. Market activity has slowed down as buyers hesitate and hold off their home purchases during these unprecedented times of uncertainty, when one's employment and income could change quickly. This uncertainty may put buyers at risk when trying to secure a mortgage.

As you can see in the Reports below, homes sales dropped dramatically in April 2020; however, average sales prices for all home types increased year over year, dipped slightly month over month and remained relatively stable. 

According to CBC News, Ontario is set to announce that restrictions will be lifted on most construction work and retail shops that are not in malls, as well as seasonal businesses, pet services, household cleaning and maintenance, and in-person health and counselling services. The date that these restrictions will be lifted has not been indicated. Read full article here.

Housing is a basic need and is a great investment in the longterm. The market may be put on pause for now, and will come back to life following the lockdown. How soon  the real estate market will bounce back and begin to recover after the fallout, has yet to be revealed. 

UPDATE: Doug Ford Announces plans for Stage 1 of easing COVID-19 restrictions. Read full article here


Hamilton Average Sales Price For All Home Types
Hamilton Average Sales Price Feb 2020 Msrealestate.ca
Source: The Oakville Milton and District Real Estate Board

The Hamilton area reported  356 sales, the result was down 56% compared to April 2019.  The average sales price for April 2020 was $557,922, up by 6% compared to April 2019. Compared to last month, the average sales price of $603,973 dipped by 8%.

Burlington Average Sales Price For All Home Types

Burlington Average Sales Price Feb 2020 Msrealestate.ca
Source: The Oakville Milton and District Real Estate Board

The Burlington area reported 107 sales, the result was down 71% compared to April 2019. The average sales price for April 2020 was $805,139, up by 8% compared to April 2019. Compared to last month, the average sales price of $839,323 dipped by 4%. Inventory remains low at 3 months supply.

Oakville Average Sales Price For All Home Types

Oakville Average Sales Feb 2020 MSrealestate.ca
Source: The Oakville Milton and District Real Estate Board

The Oakville area reported 570 sales, the result was down 25% compared to April 2019. The average sales price for April 2020 was $1,080,094, up by 8% compared to April 2019. Compared to last month, the average sales price of $603,973 dipped by 1%. Inventory is at 4 months supply.

Mississauga Average Sales Price For All Home Types 

Mississauga Average Sales Price Feb 2020 Msrealestate.ca
Source:  The Toronto Regional  Real Estate Board

The Mississauga area reported 874 sales, the result was down 39% compared to April 2019. The average sales price for April 2020 was $832,112 up by 8% compared to April 2019. Compared to last month, the average sales price of $860,158 dipped by 3%. Inventory remains low at 3 months supply.
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Mirjana Spehar

Phone: 9056371700

Email

Office Info

Right At Home Realty Inc.

5111 New St.  Burlington,  ON  L7L1V2 

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