Home sales fell 14% in March as COVID-19 settled in, CREA says

Home sales fell by 14 per cent in March as COVID-19 lockdowns slowed the market to a crawl, the Canadian Real Estate Association says. 

A pedestrian wearing a mask walks past a real estate sign in Toronto. The coronavirus pandemic put a chill on home sales across the country in March. (Michael Wilson/CBC)


The group that represents 130,000 realtors across the country said Wednesday that the month started out strong but slowed dramatically in the second half, "as the economic turmoil and physical distancing rules surrounding the COVID-19 pandemic caused both buyers and sellers to increasingly retreat to the sidelines." 

Sales were down just about everywhere from February's level, including in the following cities:

Greater Toronto Area, down 20.8 per cent. 
Montreal, down 13.3 per cent. 
Greater Vancouver area, down 2.9 per cent. 
The Fraser Valley, down 13.6 per cent. 
Calgary, down 26.3 per cent. 
Edmonton, down 13.2 per cent. 
Winnipeg, down 7.3 per cent. 
Hamilton-Burlington, down 24.9 per cent. 
Ottawa, down 7.9 per cent. 

"March 2020 will be remembered around the planet for a long time," CREA president Jason Stephen said. "Canadian home sales and listings were increasing heading into what was expected to be a busy spring [but] after Friday the 13th, everything went sideways." 
Source: CBC