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Changing GTA Resale Housing Market Reflects Economic Times
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9 n& m, G5 P' q# G% k# @. m2 [TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
) A1 Q4 j' v! S1 L, `moderated considerably during the first half of October with 2,700 homes changing hands,
3 Z9 F5 P. t% q4 l1 J! l+ {: A) YToronto Real Estate Board President Maureen O’Neill announced today.( L+ W5 W. L6 x' ?/ `
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,- u. b+ K D- G
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
l" L2 ~! Q$ win 2006 when 3,007 sales took place.
! D& J. b8 ^! e( A2 D# }6 {: tIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
; T- ~, V/ Y9 n7 R; d1 Eper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per* X- }, O. _% \1 X0 X6 \4 t
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
5 F. r* t3 o7 B- AIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
, h8 }/ d u8 e8 kdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
x4 ^- `2 H3 S. xdown eight per cent from the 1,695 homes sold during the first half of October 2006.
& c% v+ D& G. Q8 C7 E/ dHouse prices declined throughout the GTA during the first half of the month. The average price* d$ V/ d' _2 h4 Q: Z: T
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable7 |) O. ]: J) G: e3 h, E/ Q
period in 2007.
( s, k; q, u- `In the City of Toronto the current average price $375,804, a 15 per cent decrease from the8 q7 s+ B# t: @7 g5 C% [1 c
$441,878 average recorded at mid-October 2007.
& f7 h( A8 V+ ~, k+ d/ U' XIn the 905 Region the average price of a home is currently $337,671. This represents an eight' e2 N% y3 w0 k" W$ s+ h
per cent decline from the $365,527 average recorded during the first half of October 2007.$ ^' g0 d, ]+ c# ?4 r [1 T
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
+ ^1 e& G" z5 p: K6 c6 g8 ?+ J2 [more available stock from which to choose as compared to a year ago when 21,182 homes were
+ \% {/ {8 j0 C: B. q1 ~listed.
2 c: n. i" r! n# h k# d0 p( k, k2 j“More choice can mean slightly longer wait times for sellers whose homes are now on average,
5 s# I; t" `9 Bselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
8 N7 W! j8 _" G$ Ylist to sales ratio is 97 per cent of the list price.” |
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