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Changing GTA Resale Housing Market Reflects Economic Times. b. L$ w& C% T; [, g
% f: c- q5 F" jTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
( w* ~: l; H) c0 H6 emoderated considerably during the first half of October with 2,700 homes changing hands,; m% e$ ]' w) G4 K$ `
Toronto Real Estate Board President Maureen O’Neill announced today." L' D7 T p! @& T2 R
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,; }6 G8 R2 t# Q+ j
when 3,297 transactions were recorded and are down 10 per cent compared to the same period; s. W4 S! `% J2 B
in 2006 when 3,007 sales took place.8 p2 g0 j# d$ V2 g' {4 ]! T3 ~* O
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 217 M, i) A: X9 [; v; U6 B
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
% ~4 p( e; ^7 O9 S8 x5 dcent decrease from the 1,312 transactions recorded in the first half of October 2006.3 T) B `& \6 p; H: a# r
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
9 D& x- \ P1 M7 \, l5 m7 Fdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and, }. }$ _4 |0 B1 X6 @
down eight per cent from the 1,695 homes sold during the first half of October 2006.
0 C! s( g8 {0 b- O p+ LHouse prices declined throughout the GTA during the first half of the month. The average price/ ~$ k& Y6 [% U2 R8 m
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
& v6 ^+ \% a% h; i' j- D. }' A, Fperiod in 2007., P d1 |5 Y& L' }$ g, u1 v
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
: _3 U) i" q5 ~# ~( V% I: ^; N$441,878 average recorded at mid-October 2007.. S' Q/ T2 |7 R4 S
In the 905 Region the average price of a home is currently $337,671. This represents an eight
3 P n6 b6 Q+ C9 Y1 {per cent decline from the $365,527 average recorded during the first half of October 2007.
8 S. a3 L* r+ u; Q+ \% ^4 [With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent2 M7 i: P: |: Y' N& U
more available stock from which to choose as compared to a year ago when 21,182 homes were7 l1 V2 D$ p8 x" p$ t
listed.
$ b( [$ [8 ?3 A/ G“More choice can mean slightly longer wait times for sellers whose homes are now on average,
$ p* r% O8 V* Bselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The6 g1 V# ?, l* |! `' l& C
list to sales ratio is 97 per cent of the list price.” |
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