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Changing GTA Resale Housing Market Reflects Economic Times K9 V$ w1 D3 P
# |. y# Y! X% o: }3 V0 wTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
" I1 p( e( t: v0 o4 a" B0 p& w& x" Jmoderated considerably during the first half of October with 2,700 homes changing hands,
# W( f+ n8 Y$ h7 ?( AToronto Real Estate Board President Maureen O’Neill announced today.
7 Q& k5 [! ~. K- L( O/ JSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,6 t/ R& b- `( E3 b
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
# D1 l) C( l! N4 N' [in 2006 when 3,007 sales took place.% A1 f" o" Q7 b; q& U* T, A7 d
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21* t5 r7 y3 X, ~; K5 i/ p$ Y
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per7 U; ` o4 w q0 s6 }$ O9 a
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
0 O1 S; I3 C, i! XIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent5 R& c; F4 Q8 }8 p2 r1 }% y
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and3 O1 O. S) [( z' I
down eight per cent from the 1,695 homes sold during the first half of October 2006.( L a/ g- R0 I* b% o. { h
House prices declined throughout the GTA during the first half of the month. The average price" ?. z' A7 O# m g" y$ B
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable* G* j- J+ P; B9 b5 W
period in 2007.4 Y8 t& V0 L2 F3 q' Q
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
V2 M2 r( _$ r% c5 Z$441,878 average recorded at mid-October 2007.( k( U' a: h/ J# U- L- b
In the 905 Region the average price of a home is currently $337,671. This represents an eight
& k0 Q8 C4 C1 X7 F+ Qper cent decline from the $365,527 average recorded during the first half of October 2007.
' V1 l8 u; `' `% v' @5 }With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
3 K$ E/ l' m; ?, t. V8 ~7 \4 cmore available stock from which to choose as compared to a year ago when 21,182 homes were8 o/ ~1 B) A1 j* ~' ]9 X
listed.- L) z! u V# Y/ v! o0 ?$ R
“More choice can mean slightly longer wait times for sellers whose homes are now on average,3 M9 I/ L- T' Z" M" y6 H
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The* ~/ j" A. X# g% K( D' ^; l% j+ J+ L' T
list to sales ratio is 97 per cent of the list price.” |
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发表于 2008-10-25 13:47
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