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Changing GTA Resale Housing Market Reflects Economic Times
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' g f# b5 b' wTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market8 e9 G. N# k9 H2 k# Y3 z0 H
moderated considerably during the first half of October with 2,700 homes changing hands,
9 f5 W n3 p7 L4 C" E4 cToronto Real Estate Board President Maureen O’Neill announced today.
/ Q) o6 b& D0 e: ASales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,2 @9 a9 {! g6 x3 c
when 3,297 transactions were recorded and are down 10 per cent compared to the same period& ?( |8 Z: h$ t- V4 d# ^
in 2006 when 3,007 sales took place.
1 l* a1 j# J$ [) ]In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 219 X. @8 l+ X: n% k& b
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
+ Y1 X/ r1 A" D8 Ucent decrease from the 1,312 transactions recorded in the first half of October 2006.* n3 q1 @: N- A; N5 `+ o; I
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
" o" b# e% v* {8 H5 Rdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and" ?; a2 X9 I Z) ]8 m, Z5 ~, \2 r
down eight per cent from the 1,695 homes sold during the first half of October 2006.
! g7 n* L2 z5 U: i1 A3 YHouse prices declined throughout the GTA during the first half of the month. The average price
* I4 A+ o4 q: J3 x* L( fof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
$ b, T/ ]+ m* dperiod in 2007.$ Z) D& `* x9 c4 B8 Y
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the) K% V* g) ~5 S: } P
$441,878 average recorded at mid-October 2007.+ w* F7 P. `# X/ l( a& l4 N7 s
In the 905 Region the average price of a home is currently $337,671. This represents an eight
3 T& o& f# r8 F6 u; S. zper cent decline from the $365,527 average recorded during the first half of October 2007.5 F, \* k3 N3 R& o- }# M$ y- H
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
) w3 K5 s# I8 o% T Z+ p- ?more available stock from which to choose as compared to a year ago when 21,182 homes were( w+ D7 ? Q) a1 y. z1 ^
listed.
, P: i1 Z ?+ w& X9 o& Y“More choice can mean slightly longer wait times for sellers whose homes are now on average,
0 w ], i+ c% {selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The K' x g# I0 }* u1 S) ~
list to sales ratio is 97 per cent of the list price.” |
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