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Changing GTA Resale Housing Market Reflects Economic Times
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, E8 v. V: r9 q; P0 ?7 o0 l5 uTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
+ ^4 B* T5 J1 U( u' Umoderated considerably during the first half of October with 2,700 homes changing hands,
C* s4 c+ E- v+ c! \: p0 j$ AToronto Real Estate Board President Maureen O’Neill announced today.) Q' J' w+ {( L3 W& [
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
; _/ k: H% O8 B* p9 T. K( K& K5 Fwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
9 e6 ?7 x4 O4 H) j% h! lin 2006 when 3,007 sales took place.
0 W" i0 S$ |5 D6 @6 U0 u, v8 u4 NIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
2 z9 d J+ x4 m5 E* d. pper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
c( x5 g2 A5 Bcent decrease from the 1,312 transactions recorded in the first half of October 2006.- s' P$ _) r Q/ W1 r) }
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent: w( l) h6 S% L9 W0 h; X; s
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and4 t8 ?) J! ^% Y
down eight per cent from the 1,695 homes sold during the first half of October 2006.! q" Z8 u$ s7 [: N
House prices declined throughout the GTA during the first half of the month. The average price6 S3 E, E% T" M
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
* c: p `% R! ^2 T- ]period in 2007.
1 q9 x. w. p5 T, eIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the) L4 k( \4 P7 t: X3 \7 m5 p8 ^& x
$441,878 average recorded at mid-October 2007.
8 f, y2 ~4 h$ c, L9 [- X4 uIn the 905 Region the average price of a home is currently $337,671. This represents an eight
! x' `: n& Q7 i4 h! oper cent decline from the $365,527 average recorded during the first half of October 2007.0 d0 V4 t9 ~0 c5 e/ s X, m5 O
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent! l$ F4 t. E1 {, c/ p. n
more available stock from which to choose as compared to a year ago when 21,182 homes were
+ ^( `! e L& @+ R2 Rlisted.
! f. }1 ]* A) A5 h“More choice can mean slightly longer wait times for sellers whose homes are now on average,
' o1 |& J7 c; N- N) Eselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
1 j: W& J) c9 W8 a+ g/ v2 Ilist to sales ratio is 97 per cent of the list price.” |
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