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Changing GTA Resale Housing Market Reflects Economic Times- i1 v4 y6 ?9 H; V
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market7 x8 ^/ D/ q$ J4 O& `- }
moderated considerably during the first half of October with 2,700 homes changing hands,
) L& z/ G2 a1 J7 j9 c/ v6 u, r# v- XToronto Real Estate Board President Maureen O’Neill announced today.
% W, }9 u: a( z r" ASales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,. O$ [! i. H, K& D' G, `, b
when 3,297 transactions were recorded and are down 10 per cent compared to the same period- ?0 l) n1 E4 d- q" T2 j* x
in 2006 when 3,007 sales took place.; [# M$ _/ o; E: ~9 c& C R" C' I! \
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 214 t1 @: k& Y6 p3 u: E7 V* z
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per. A9 _; I3 r8 s% [5 I* n: k2 M
cent decrease from the 1,312 transactions recorded in the first half of October 2006.2 x" A+ H; ~2 _; o* g2 }
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent5 N) e5 I$ s# c6 |
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and- w( L3 a& ]- B- s$ Z# k. V
down eight per cent from the 1,695 homes sold during the first half of October 2006.% h: m6 X1 l* h; e
House prices declined throughout the GTA during the first half of the month. The average price
) P a/ X9 E& v! s5 O% l* yof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
# o2 S; V/ N# Mperiod in 2007.8 j' i1 ~$ B, {: a% b
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
# y: b% a0 r8 k$441,878 average recorded at mid-October 2007.5 q, H4 U# x6 l' j0 [
In the 905 Region the average price of a home is currently $337,671. This represents an eight2 U0 t) H1 R3 O9 N
per cent decline from the $365,527 average recorded during the first half of October 2007.) N9 Q' N1 L _! X
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
# n l# M( E' t T7 m0 S8 lmore available stock from which to choose as compared to a year ago when 21,182 homes were
( F9 r% Y! H& E3 d+ u2 e* _listed.: b8 q- o4 w1 x% h' X; {
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
3 n4 y) ^3 T, B+ x5 z8 rselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The& Q9 M+ D- E/ I1 Z$ M0 A
list to sales ratio is 97 per cent of the list price.” |
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