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Changing GTA Resale Housing Market Reflects Economic Times) n! _6 F- z# t& G; @! o
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
& u- }0 F5 {! U9 C1 y7 Nmoderated considerably during the first half of October with 2,700 homes changing hands,$ H/ g `9 b | b
Toronto Real Estate Board President Maureen O’Neill announced today.' E# M y5 v! q5 i( G- p
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,9 M/ n6 z3 V3 W" r+ X
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
& Z. W- o' S1 g/ kin 2006 when 3,007 sales took place.# u2 `# e3 P9 I5 m" M
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21" ~' x! b1 S3 p( q: H( m5 U
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per! F0 c( p+ J- k/ T. G1 i* _
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
3 w* t" V# m1 O+ Y$ EIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
* M: v2 S4 Y3 c k+ p6 adecrease from the 1,851 transactions that took place during the same timeframe in 2007 and0 P1 c# F ?" p1 l- Z- k1 r
down eight per cent from the 1,695 homes sold during the first half of October 2006.) f7 n! U; ]2 F' d+ e. D! Q0 `, D: b
House prices declined throughout the GTA during the first half of the month. The average price* S% @5 P. ]/ ~
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable) V" O, v* ]" C
period in 2007." v7 n9 Q [8 H5 C2 r* S5 O6 ~0 R+ Y
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
, \% m6 G5 ^# J( |2 L: n$441,878 average recorded at mid-October 2007.$ D4 i. X, j) W9 P l! h, ^* f
In the 905 Region the average price of a home is currently $337,671. This represents an eight
* p9 l4 a* s( N* n0 vper cent decline from the $365,527 average recorded during the first half of October 2007.
& K; ]2 f" N: F# RWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent; J6 ^5 E: u8 R8 I' v
more available stock from which to choose as compared to a year ago when 21,182 homes were. t* b) v/ {7 v2 C; F% |& p
listed.$ o" p$ J) Z1 ]" {1 c8 O8 |, u
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
" {/ ^) G: H5 X9 [/ e \. n* Oselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
: I) i4 ?! w9 `; G) W+ [- clist to sales ratio is 97 per cent of the list price.” |
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