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Changing GTA Resale Housing Market Reflects Economic Times" q7 T3 E! h3 W" m8 @/ G* S
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market) J+ V8 n) B* S7 K+ Q. S9 Q' e
moderated considerably during the first half of October with 2,700 homes changing hands,
% l+ U6 x: |/ {$ gToronto Real Estate Board President Maureen O’Neill announced today.
2 N. m3 {& W* h4 ISales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,; n& q- n% P4 w$ E
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
0 U9 ]1 c' B! Jin 2006 when 3,007 sales took place.
/ o, i8 g7 X3 h& a5 q/ r: s* {7 _1 ]In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21' [, Z& R) A/ J- N. g
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per( A. w6 n6 k2 Y
cent decrease from the 1,312 transactions recorded in the first half of October 2006.+ h" j' c" v) G5 }9 x
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent9 }( l1 ^4 l. b# |
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and# h2 N' H3 L7 Z$ P: S
down eight per cent from the 1,695 homes sold during the first half of October 2006.7 B; f' f9 w( N6 N5 O! R) S
House prices declined throughout the GTA during the first half of the month. The average price8 l" V8 S5 M$ i5 u9 @, }2 I( X, L
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
9 L7 z# s2 d- f; b: K# Bperiod in 2007.
b+ u! e3 ?+ {/ L/ ZIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the }7 \7 v2 M! E
$441,878 average recorded at mid-October 2007.! [7 x9 f1 V* k5 d" u
In the 905 Region the average price of a home is currently $337,671. This represents an eight3 c& C0 o" M) K* ]9 R
per cent decline from the $365,527 average recorded during the first half of October 2007.) e: N3 G" p( W, W V& Z3 O# p
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
$ H, h% P, K# h9 r4 Y- j8 J$ K" Bmore available stock from which to choose as compared to a year ago when 21,182 homes were8 W* i" k$ s8 h- |& a: g$ N- E2 d3 V
listed./ f6 U( n$ b( G
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
! O- a% n, \" m7 pselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
# i0 b7 R3 B: \& ylist to sales ratio is 97 per cent of the list price.” |
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