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Changing GTA Resale Housing Market Reflects Economic Times8 [" y7 @& c3 _) S+ Z) e/ v1 J
* Q0 K/ Q+ C9 u* V5 X1 h, T# fTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
; G! k2 b$ e. V# n% t' Cmoderated considerably during the first half of October with 2,700 homes changing hands,
8 C# G( E6 Q. j0 R. s5 @# IToronto Real Estate Board President Maureen O’Neill announced today.
# b! b& u5 f( A2 p7 f2 ~: Q i( }Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,# h7 x( I7 R" z7 g! ]8 `
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
* d) X4 o5 M8 {; @2 uin 2006 when 3,007 sales took place.
8 n; o* }$ p! M! ]& IIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21) s F9 ?( Y @1 _& |7 c
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
. k, ?: b9 w; F/ q" B2 Q5 i+ Jcent decrease from the 1,312 transactions recorded in the first half of October 2006.
1 t1 ]3 w" x( \" c; y! _In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
6 k8 M* n4 y9 U2 d7 Ddecrease from the 1,851 transactions that took place during the same timeframe in 2007 and# h5 K. h7 c: x
down eight per cent from the 1,695 homes sold during the first half of October 2006.- J+ y5 l) a$ ^ f
House prices declined throughout the GTA during the first half of the month. The average price
) l* }/ M) S: P# J: Sof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
x5 w! S' O2 Q/ X6 {9 B& u `period in 2007.
9 j6 ^# h/ s3 ^# IIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the% p" E+ w% r q0 A; u! M
$441,878 average recorded at mid-October 2007.* M- j/ T2 V, B, c* d4 ?) }
In the 905 Region the average price of a home is currently $337,671. This represents an eight
$ |0 x# u3 l" {) O* o! F$ dper cent decline from the $365,527 average recorded during the first half of October 2007.
% t1 V$ q4 r4 e kWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
! \& A" V; g! v3 k- d% emore available stock from which to choose as compared to a year ago when 21,182 homes were
# u1 q( ?! i8 T6 ylisted.$ n! l w1 a0 {
“More choice can mean slightly longer wait times for sellers whose homes are now on average,* y9 D. X6 x$ C4 I- D5 q) C2 l
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
9 P9 } `& g& C! r9 R3 llist to sales ratio is 97 per cent of the list price.” |
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