April 2020 Market Update

April 2020 Market Update

The anticipated impact of COVID-19 on VIREB’s housing market became a reality in April, with sales of single-family homes dropping by 54 per cent year over year.

Last month, 189 single-family homes sold on the MLS® System compared to 333 in March 2020 and 412 in April 2019. Apartment and townhouse sales decreased by 82 and 69 per cent, respectively.

Inventory of single-family homes last month dipped by nine per cent year over year (1,293 to 1,173). Active listings of apartments rose by 33 per cent (303 to 403) year over year, while townhouse inventory dropped by 19 per cent (197 to 160).

The benchmark price of a single-family home board-wide was $523,700 in April, a drop of three per cent and marginally higher than in March. In the apartment category, the year-over-year benchmark price rose by five per cent, hitting $313,300, which is slightly lower than the previous month. The benchmark price of a townhouse in April rose by two per cent year over year and was somewhat higher than in March, climbing to $421,400.