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Changing GTA Resale Housing Market Reflects Economic Times
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6 W, }. B! G% i; s) n1 G( ]# R" d& ?TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market6 W- K' |6 H1 a. ~% _+ z, `
moderated considerably during the first half of October with 2,700 homes changing hands,& u" e; F' j& f; ^% c
Toronto Real Estate Board President Maureen O’Neill announced today.
Q0 M @- Y$ `3 n* j8 K% ?; m. p jSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,; W- h2 \" p( S" q/ m4 }
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
7 M* } U1 b6 B; ?& u% @4 pin 2006 when 3,007 sales took place.; e) o8 b- y- Z! H8 T1 A
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21; Y" Z8 {4 t+ ^; {, @/ I0 \
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
G0 \1 o8 ~% r9 R. Fcent decrease from the 1,312 transactions recorded in the first half of October 2006.$ v v: S! C0 U
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
0 B! J0 L6 h }6 ^; s* b8 adecrease from the 1,851 transactions that took place during the same timeframe in 2007 and5 E" l$ O1 Y0 V" H
down eight per cent from the 1,695 homes sold during the first half of October 2006.3 W* O9 p8 T2 n. z
House prices declined throughout the GTA during the first half of the month. The average price+ A. b8 Y; P% U, X4 B$ m1 X( ]
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
+ w9 D5 Z' p5 i7 `9 Tperiod in 2007.9 B# o+ ^5 }* \
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
6 F+ P& Q$ k" J) L- e+ O$441,878 average recorded at mid-October 2007.& w4 d8 u. G+ H4 W
In the 905 Region the average price of a home is currently $337,671. This represents an eight
2 q. {5 |6 P. l' H$ wper cent decline from the $365,527 average recorded during the first half of October 2007.' O* B- Z$ [" {1 k+ I. F+ g
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent4 m/ p% Z% U8 ~; \7 H# J
more available stock from which to choose as compared to a year ago when 21,182 homes were
) ^2 S4 [. Z, { D3 llisted.
/ H G- H- f6 J0 t: K+ x: o“More choice can mean slightly longer wait times for sellers whose homes are now on average,
" I3 L* X7 R& w7 S! c9 V9 vselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The- b% ~' [# n; f3 R& \: L# ?( E" d# G
list to sales ratio is 97 per cent of the list price.” |
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