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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 market
6 b: u' J: Y/ N0 {8 J1 Pmoderated considerably during the first half of October with 2,700 homes changing hands,
' C$ d) F% H( W4 S8 r# BToronto Real Estate Board President Maureen O’Neill announced today.
3 v! n) u+ J& }+ _' Q! ~/ gSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
, B" o$ e+ y. ?/ u. {when 3,297 transactions were recorded and are down 10 per cent compared to the same period
9 X: R1 I& u2 E+ ^+ min 2006 when 3,007 sales took place.
- B3 q3 Q/ o* b5 `# Z8 S- l" }; {5 AIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
6 A: A# F. e* a0 G- M( ?per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per" j2 E! H' @+ t# s
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
8 _: Q6 v: s1 i* u5 e. a- cIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent/ _, R' }0 f& K# M1 R: F' p- }
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and9 n0 ?' N2 i' [- o, @, ~
down eight per cent from the 1,695 homes sold during the first half of October 2006.! ^1 U, V2 }+ R( B5 J# ?2 @
House prices declined throughout the GTA during the first half of the month. The average price
0 g$ ]7 |0 g% [# r, @5 qof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
* p6 U0 J! z- c* { T! jperiod in 2007.
6 Z c6 } }! W: l2 AIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
3 h7 |$ {& f0 V3 b# j2 g$441,878 average recorded at mid-October 2007.0 e) o( r1 |; ~! Z% o2 ?8 i5 X. p
In the 905 Region the average price of a home is currently $337,671. This represents an eight
) x: ?3 a) Z8 z5 w) K4 e7 Rper cent decline from the $365,527 average recorded during the first half of October 2007.0 ?8 i) d: k, c
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent4 P* z) W' f5 ~! _7 ~- Q" d
more available stock from which to choose as compared to a year ago when 21,182 homes were3 Y8 {, @5 u" R, x' d ~4 ^, F
listed.
: l/ N7 I( e6 |% }# B4 k“More choice can mean slightly longer wait times for sellers whose homes are now on average,* k2 L9 k* p" h& Z& S
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The2 H& l% p! m4 R- D4 q6 A2 f
list to sales ratio is 97 per cent of the list price.” |
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