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Changing GTA Resale Housing Market Reflects Economic Times2 f/ h. G! L# Z2 \- k. l K! Z
" @/ j& y$ H4 J8 q& sTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
% N- M6 @( D- s- ^moderated considerably during the first half of October with 2,700 homes changing hands,* S- N! O& q8 ~/ _2 |; R+ X, L; d% }
Toronto Real Estate Board President Maureen O’Neill announced today.+ p0 b. ^+ [' O; o
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007, S, g4 c& D% n
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
! G3 H! N0 w8 u# d/ g) p0 _in 2006 when 3,007 sales took place.
1 }# o& K2 r* w, h1 h1 KIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
6 L5 H( f3 Q% ?( H$ _0 X' zper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per8 g7 \4 c. A; k9 e+ e+ Q4 w7 z
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
; d1 i) w6 W* y$ q/ i. @In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent5 J. Q- U! j' G4 y8 x: W1 d( Z
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
$ n5 `( j, @; r7 ?down eight per cent from the 1,695 homes sold during the first half of October 2006.
2 O: r3 g. [& dHouse prices declined throughout the GTA during the first half of the month. The average price8 r+ ?; u9 K/ D' r& N
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
# m0 b0 p7 `+ S: _$ H# ^! g! pperiod in 2007.! M. [; y- P2 b4 p) f
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the) l, v1 C9 v. V1 {
$441,878 average recorded at mid-October 2007.
6 W8 W# i, C( D; U( x/ pIn the 905 Region the average price of a home is currently $337,671. This represents an eight% o# `; }& g/ z$ U. [" |; k
per cent decline from the $365,527 average recorded during the first half of October 2007.- Y( c A) w: [' C" k8 T5 z, s
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent2 ~6 N5 r% r Y1 k0 `+ M
more available stock from which to choose as compared to a year ago when 21,182 homes were1 f# h& |% X' k$ G4 c6 V! x
listed.. U3 a0 J' \! t$ G( y/ h; t- v
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
) J, |, z' V$ } x' m8 A& r/ h, I. Rselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The' H- L6 t5 }; W
list to sales ratio is 97 per cent of the list price.” |
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