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Changing GTA Resale Housing Market Reflects Economic Times
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market4 ?3 Y' h4 \+ e1 c
moderated considerably during the first half of October with 2,700 homes changing hands,
0 X* K6 T$ j$ w# nToronto Real Estate Board President Maureen O’Neill announced today.
4 R' r6 u9 j" x" ~* w9 A9 `! ISales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
; r: r; k- }4 \: jwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period( D/ j6 n4 x) }" ?% l+ A8 j
in 2006 when 3,007 sales took place.& p/ r: @4 r! l& ^" v
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
: S. U7 ~* `$ Gper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per# z3 A/ y3 B- a5 O5 ~/ q) _" L
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
$ c+ _- b$ E( g/ UIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent, F' P) D* N: Q9 c7 h9 ]" k+ D
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and# ^ S- j! R' S* c9 v J
down eight per cent from the 1,695 homes sold during the first half of October 2006.' _* m1 I0 }7 a t& |8 e7 t
House prices declined throughout the GTA during the first half of the month. The average price
* F5 F5 M' \/ q3 z9 Gof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable& H, k: k% J ?3 U2 L$ r4 S
period in 2007.0 u3 ^ a8 ?9 I2 B$ p1 m$ g
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the" H& }: |: |0 l: r: v# U# ~
$441,878 average recorded at mid-October 2007.8 f0 v0 n+ s6 U5 [& g$ a% {1 l" B/ w
In the 905 Region the average price of a home is currently $337,671. This represents an eight
+ \. H& w9 o) @7 L7 nper cent decline from the $365,527 average recorded during the first half of October 2007.
. N, h* `) z' r1 M$ l9 SWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
+ \0 t ^8 O1 I7 G/ k/ qmore available stock from which to choose as compared to a year ago when 21,182 homes were
8 E [: ~. c, _0 w$ J, hlisted.
/ L' x7 w4 H* k. u3 D" R“More choice can mean slightly longer wait times for sellers whose homes are now on average,0 B2 \8 p4 O3 o/ A E- C! ?
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
- r0 B, j3 G3 i! d Ulist to sales ratio is 97 per cent of the list price.” |
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