The condominium apartment sector in Toronto saw a year-over-year price drop of 4 per cent in April, according to new data released by the Toronto Regional Real Estate Board (TRREB). The GTA market dipped as well by 1.7 per cent, with an average sales price of $578,283.

Jason Mercer, TRREB’s chief market analyst, noted the relationship between sales and listings often dictates the pace of price growth.

“So, while the onset of COVID-19 has understandably shifted market conditions and resulted in average selling prices coming off their March peak, there has continued to be enough active buyers relative to available listings to keep prices in line with last year’s levels,” he said in a press release.

Average sales and listings were down for all homes types across the GTA with a 67 per cent drop year over year, but 2,975 properties still changed hands last month. The condo sector, which saw a 71. 6 per cent drop in sales, saw 667 properties sold, mainly in Toronto. Since 2020 began there have been a recorded 5,911 condo apartments sold in the GTA.

Rental transactions were also down for condo apartments. One- and two-bedroom rental transactions both dropped more than 50 per cent. A one-bedroom went for an average $2,107—down 2.7 per cent compared to April 2019. The average two-bedroom rent was $2,705—down 4.1 per cent.

TRREB CEO John DiMichele cautioned that past recessions and recoveries do not necessarily provide the best guide as to how the housing market will recover from the impact of the COVID-19 pandemic.

“A key factor for the housing market recovery will be a broader reopening of the economy, which will result in an improving employment picture and a resurgence in consumer confidence,” he said. “To this end, it is reassuring that the province is taking measured and carefully monitored steps towards safely opening up some parts of the economy.”