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Changing GTA Resale Housing Market Reflects Economic Times
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
! g9 x* F" i/ M% m' rmoderated considerably during the first half of October with 2,700 homes changing hands,+ s% z c) x( y4 K: Z7 b0 Y+ r, c
Toronto Real Estate Board President Maureen O’Neill announced today.
( J/ z$ { `9 {Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,; j+ O1 A0 a! n' b1 m' p
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
, H4 G- t5 v8 z! a8 e$ p: w3 Uin 2006 when 3,007 sales took place.' q, h: B' G6 ^. [
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21; o! q+ ?: r k! H! O( {+ E" ~( o8 p
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per3 k5 O/ u6 I( _" ~, ~
cent decrease from the 1,312 transactions recorded in the first half of October 2006.1 |5 q- p7 ?/ q0 ^
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
4 I* k' [+ n$ j( z* j9 Pdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
- q6 M7 P9 I( F3 U8 }, w xdown eight per cent from the 1,695 homes sold during the first half of October 2006.' ^: }9 R Q% Y; k
House prices declined throughout the GTA during the first half of the month. The average price
# D, i" ~) ~) L) o+ _, A. n% kof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
7 r! t) b5 ~7 q/ `$ Y, X( X: b' q) vperiod in 2007. b) J6 s( n+ k3 b3 E$ S0 G. g3 ^9 p
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
0 r# I) t, R8 r5 Y5 H$441,878 average recorded at mid-October 2007.
0 Z7 `- i: C8 C9 @+ T" I) O/ @In the 905 Region the average price of a home is currently $337,671. This represents an eight0 y+ V6 S* h/ a* e" Y/ K* S# F
per cent decline from the $365,527 average recorded during the first half of October 2007./ y; l/ r2 V s6 S3 k% H
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
5 D5 m# b! @$ kmore available stock from which to choose as compared to a year ago when 21,182 homes were
; `- k- E7 }) K7 t+ n1 Blisted.
1 s/ `+ b5 ?! j( z“More choice can mean slightly longer wait times for sellers whose homes are now on average,- r: V/ a) s6 u0 H) }0 x0 \" N0 Q0 B
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
3 \" z# p( ~/ o1 J$ J( I6 dlist to sales ratio is 97 per cent of the list price.” |
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