Toronto home sales rebound in June as economy reopens, but risks remain in housing market

The Toronto Regional Real Estate Board (TRREB) downgraded its 2020 home sales outlook for Tuesday on moderate deals resulting from the coronavirus pandemic, even as the housing market rebounded in June.Total home sales in the Greater Toronto Area decreased 1.4% in June from June 2019, compared to a decrease of 53.7% in May. Enrollment increased 2.1% year-over-year, down from 53.1% in May.

But the slowdown in market conditions in March, April and May led TRREB to revise its annual housing market outlook to 80,000 sales compared to an initial projection in February of 97,000. He noted that risks remained down for the housing market.

“We are still in the early days of recovery, but barring setbacks, we should continue to see market conditions strengthen in the second half of 2020 as households seek to meet their housing needs for owners” , said TRREB President Lisa Patel in a press release.

A resurgence of COVID-19 cases in Canada could slow the economic recovery or lead to the reimposition of restrictions, he said, while a negative economic impact associated with an increase in coronavirus cases in the United States could continue affect trade, employment and overall household wealth via the stock markets. .

© Thomson Reuters 2020