These neighbourhoods in Toronto have seen the biggest drop in condo apartment prices
The global health crisis has undoubtedly had an effect on all parts of life since it first came to Toronto back in January, and the city's real estate market is no exception.
At the beginning of 2020, home prices were expected to skyrocket throughout the year. But thanks to the pandemic, home sale activity has slowed significantly and year-over-year condo sales dipped by a whopping 70 per cent in April.
Now, new information compiled by Zoocasa from the Toronto Regional Real Estate Board (TRREB) shows just how much median condo prices have changed between February and April in the city as a whole, as well as in 35 Toronto neighbourhoods.
To understand how COVID-19 measures impacted real estate market dynamics, particularly condo apartment prices in #Toronto Zoocasa used data from @TheReal_TRREB to compare how median prices changed between February and April 2020 for 35 city neighbourhoods: https://t.co/hVE335l1Ga— Zoocasa (@zoocasa) May 13, 2020
They found that the median price for a condo in the city of Toronto as a whole has fallen by $65,000 since February, to $574,000.
"In a true reflection of economic and healthcare measures in place for COVID-19, condo apartment sales dropped 64 per cent since February, with just 482 transactions taking place across the city in April compared to 1,335 in February," reads a release from Zoocasa.
In looking at all 35 neighbourhoods, data revealed that 21 areas had fewer than 10 sales during the month of April, which is three times the number of neighbourhoods that had a low sales volume in February, according to Zoocasa. Meanwhile, 14 neighbourhoods saw more than 10 sales in April.
Of the neighbourhoods with at least 10 sales, median condo apartment prices dropped by more than $100,000 in two neighbourhoods: Mount Pleasant East (-$131,500) and Regent Park, St. James, Corktown (-$103,400).
Median prices also fell by $50,000-$100,000 in four neighbourhoods, including Newtonbrooke East, Willowdale East (-$85,050); Willowdale West, Lansing-Westgate (-$70,000); Downtown, CityPlace, Trinity-Bellwoods, Harbord Village (-$60,050) and Morningside, Woburn, Bendale (-$50,000).
On the other hand, the median condo price rose in just one neighbourhood with at least 10 sales in April: Milliken, Agincourt North, by $34,500.
Here's a snapshot of how median condo apartment prices changed in Toronto's 35 neighbourhoods between February and April 2020, courtesy of Zoocasa.
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