July 7 (Reuters) - The Toronto Regional Real Estate Board (TRREB) revised down its housing sales outlook for 2020 on Tuesday on subdued transactions resulting from the coronavirus pandemic, even as the housing market rebounded in June.
Total home sales across the greater Toronto area fell 1.4% in June from June 2019, compared with a 53.7% drop in May. Listings rose 2.1% year-over-year, versus a 53.1% decline in May.
But the slower market conditions in March, April and May led TRREB to revise its annual housing market outlook down to 80,000 sales from an initial projection in February of 97,000. It noted there remained downside risks to the housing market.
"We are still in the early days of recovery, but barring any setbacks, we should continue to see stronger market conditions in the second half of 2020 as households look to satisfy their ownership housing needs," TRREB President Lisa Patel said in a release.
A resurgence in Canadian COVID-19 cases could slow the economic restart or cause restrictions to be reimposed, it said, while a negative economic impact associated with a rise in U.S. coronavirus cases could continue to affect trade, employment and overall household wealth via equity markets.
JUNE 2020
MAY 2020
JUNE 2019
YR/YR PCT CHANGE TOTAL SALES
8,701
4,606
8,826
-1.4%
AVERAGE PRICE C$930,869
C$821,392
C$831,882
11.9% NEW LISTINGS 16,153
6,174
15,824
2.1% After preliminary seasonal adjustment
JUNE 2020
MTH/MTH PCT CHANGE SALES
6,518
83.8% AVERAGE PRICE C$906,874 9.8% Sales by type of property
JUNE 2020
YR/YR PCT CHANGE DETACHED
4,445
5.6% SEMI-DETACHED
798
-9.3% TOWNHOUSE
1,573
6.5% CONDO APARTMENT
1,793
-16.3