These Toronto neighbourhoods saw the largest decrease in condo prices

May 13 2020, 10:17 am

The real estate market has been significantly impacted by the COVID-19 pandemic, which is evident in Toronto’s current housing climate.

The median condominium apartment price declined by $65,000 or 10% between February and April of this year, across 35 Toronto neighbourhoods.

According to a recent report from Zoocasa, using data from the Toronto Regional Real Estate Board, the median price for a Toronto condo is now $574,000 — it was $639,000 in February.

Apartment sales have also drastically declined at 64% since February with just 482 transactions taken place across the city, compared to 1,335 in February.

It found that 21 city neighbourhoods had fewer than 10 sales during April, which is three times the number of neighbourhoods with a low sales volume in February.

In the other 14 neighbourhoods with at least 10 sales in April, the median condo prices dropped over $100,000 in two neighbourhoods, between $50,000 to $100,000 in four neighbourhoods and up to $50,000 in seven neighbourhoods, with just one neighbourhood — Milliken, Agincourt North — seeing an 7% increase in prices.

Zoocasa

The top five neighbourhoods with the largest decline in apartment prices were located in Toronto Centre.

1. Mount Pleasant East

  • Condo median price, April: $617,500
  • Condo median price change from February: -$131,500 (-18%)
  • Condo sales, April vs. February: -57%

2. Regent Park, St. James Town, Corktown

  • Condo median price, April: $611,600
  • Condo median price change from February: -$103,400 (-14%)
  • Condo sales, April vs. February: -42%

3. Newtonbrooke East, Willowdale East

  • Condo median price, April: $597,950
  • Condo median price change from February: -$85,050 (-12%)
  • Condo sales, April vs. February: -60%

4. Willowdale West, Lansing-Westgate

  • Condo median price, April: $580,000
  • Condo median price change from February: -$70,000 (-11%)
  • Condo sales, April vs. February: -81%

5. Downtown, Entertainment District, CityPlace, Trinity-Bellwoods

  • Condo median price, April: $677,500
  • Condo median price change from February: -$60,500 (-8%)
  • Condo sales, April vs. February: -68%

 

Zoocasa

Carlos Moniz, a Zoocasa agent with Etobicoke and Toronto West, noted that when COVID-19 hit, many buyers in the very early stages of their home searches took a step back and slowed down their searches to get a better sense of the impact on the market.

According to Moniz, buyers who were further along in their home search recognized this as an opportunity to regain some negotiating power in these new market conditions where there were fewer buyers and less competition.

While the housing market has taken a hit from the pandemic, the report notes that it is now less competitive, allowing previous homebuyers who may have felt intimidated by the market to now enter the space.

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