Real Estate News

GTA Housing Market Remains Just As Competitive As Before the Pandemic Report

Even though Greater Toronto Area (GTA) home sales and new listings went down drastically in May, competition remained at similar levels as the same time last year.

A recent report by Zoocasa calculated sales-to-new-listings ratio (SNLR) for 20 major real estate markets across Canada, and found that 40% to 60% indicated that demand and supply were balanced during the period covered.

When looking at the GTA homes sales dropped by 54% year-over-year to 4,606, and new listings declined 53% with 9,104 homes being listed.

Given the near-identical rate of decline in sales and new listings, buyers and sellers that were active in the market during May experienced similar levels of competition as those last year.

This can be shown with the SNLR for the GTA in May 2020 was 51% compared to the 52% of the same period last year.

Of the 20 markets studied, eight markets exhibited an SNLR lower than the national average, meaning competition conditions in these markets slightly favoured home buyers compared to the national average — the GTA came in eighth place.

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