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Changing GTA Resale Housing Market Reflects Economic Times8 i# m- | o' n4 h8 E
) r$ f" G+ H0 S/ j$ u& ^
TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market0 d5 B( U. h+ N
moderated considerably during the first half of October with 2,700 homes changing hands,1 s0 Q2 l' z# G6 u3 |- S3 I! v
Toronto Real Estate Board President Maureen O’Neill announced today.
1 w* U0 c" y" t! L* x% f }1 q; t+ {6 ?Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,+ Y; K: u+ X& A& s
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
2 O% o* K+ q3 ?in 2006 when 3,007 sales took place.8 W. d$ [$ V* |# Y. C5 z
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
# k k; x* `/ v; B$ h& R) Iper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
, W% Q3 J6 Y' v7 ?+ n. xcent decrease from the 1,312 transactions recorded in the first half of October 2006.
2 N" G( a8 ]1 D9 m# s eIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
4 c: m; h4 x. _+ Gdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and% b) ]$ Z9 J0 V; n! @ C( Z
down eight per cent from the 1,695 homes sold during the first half of October 2006.& o) M2 T( f' A! r) E9 V( A" Q
House prices declined throughout the GTA during the first half of the month. The average price
) ?: U' P3 L6 U* Vof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable5 ~7 z, T- G) m% v7 ]7 W
period in 2007.
" O4 I2 F8 O: |5 ]2 ` Q CIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the; D5 j4 K8 w0 U$ p
$441,878 average recorded at mid-October 2007.. R" e/ W7 B6 P5 t& d4 ~% a% H
In the 905 Region the average price of a home is currently $337,671. This represents an eight
0 x% l: Z9 e+ m4 nper cent decline from the $365,527 average recorded during the first half of October 2007.9 D8 |8 @4 n* C
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent: \7 T8 }! o1 Y% f4 q# m7 K
more available stock from which to choose as compared to a year ago when 21,182 homes were
: K5 W0 y: p/ J- j& k% Slisted.
5 Y, t9 |4 N3 e- S% S% C- a“More choice can mean slightly longer wait times for sellers whose homes are now on average,
; [4 f9 I$ c( Y, a0 S0 V+ Jselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The5 O" l* w6 _) N; g5 R9 G8 w; b- l
list to sales ratio is 97 per cent of the list price.” |
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