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Changing GTA Resale Housing Market Reflects Economic Times5 Q4 F3 ~3 N5 b* a9 @; r
^+ H7 U, q# a* GTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market. {! ~/ t/ k( V' x1 R" S9 g
moderated considerably during the first half of October with 2,700 homes changing hands,. l% o7 f4 N& E7 [7 @, j& u
Toronto Real Estate Board President Maureen O’Neill announced today.
- c) @3 p, W9 PSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,2 m$ K' y3 @) H0 J- i1 g5 p1 M
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
' |/ {7 i# i# a/ L9 `in 2006 when 3,007 sales took place.
/ M, @2 P6 h& wIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 219 P5 c/ d1 h6 X% L- ~
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
7 K3 w; k( L$ I/ `cent decrease from the 1,312 transactions recorded in the first half of October 2006.
$ s3 V( G% r5 P3 T( pIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent% ?* }1 @3 D. [4 {8 o1 B
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
6 H0 Q! A' m; O4 o3 m4 F; sdown eight per cent from the 1,695 homes sold during the first half of October 2006.- q& X/ ~+ a% V
House prices declined throughout the GTA during the first half of the month. The average price
2 r6 s$ l" e, c4 P5 Yof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
! s2 [6 `+ A+ T; [" x2 K) g6 Mperiod in 2007.: h8 u3 j7 s5 t' |* T) w% c" e5 l& H
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the4 t b; w' C& ~- D( d
$441,878 average recorded at mid-October 2007." P# g5 W1 ^' w; R' z6 e8 g/ F) Z
In the 905 Region the average price of a home is currently $337,671. This represents an eight% v4 N/ B5 Y; l/ P5 W) R# g
per cent decline from the $365,527 average recorded during the first half of October 2007.6 z# q. Y8 m9 I! Y! W
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent1 o5 O0 i0 W: X) ~: V4 a8 A/ i7 G5 M
more available stock from which to choose as compared to a year ago when 21,182 homes were ?8 O9 p, y# U6 y
listed.* ?+ S. F( t6 h& _5 k" y+ n
“More choice can mean slightly longer wait times for sellers whose homes are now on average,* T3 G- L9 U. Q. a% K
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The# ?% N+ K( n9 ]8 O$ `( b' J
list to sales ratio is 97 per cent of the list price.” |
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