The shadow of the Coronavirus has been felt in sales volumes. The number of properties which sold or rented both fell 70% year over year.
The good news is for sale property selling prices have been holding and are up slightly from March 2020. The average price for a detached 2-storey home edged up a 1/2 point to $1,604,000 and was up 12% from April 2019. Seller's needed about 26 days to sell their properties which is pretty quick.
And surprisingly there were a few multiple Offer transactions!
The same hasn't been the case for rental properties. With many tenants losing work and landlords losing income, the rental rates have been dropping. And some tenants have been breaking their leases to acquire cheaper alternatives or, move to a better building locations/larger spaces closer to work. Lease rates are off approximately 10% and may continue to fall further. As a result of this we may see an influx of existing condo apartment rentals come to market for sale, as investors start to sell.
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