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Changing GTA Resale Housing Market Reflects Economic Times4 `' B* s, x3 u& _. D: ?
# X. {% i" x/ q# ?! ]TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
' L0 q4 C1 o9 S' I. p5 }8 vmoderated considerably during the first half of October with 2,700 homes changing hands,6 Y& W1 O9 H9 i8 e ~9 I* E
Toronto Real Estate Board President Maureen O’Neill announced today.6 d! a0 T% J' H9 i
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,/ {0 @: r; K, O* h5 h+ i% D
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
4 d( W. U! I3 \5 Q6 x, Z5 ]4 _in 2006 when 3,007 sales took place.- ?2 \1 \0 z6 r
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
, _" r9 I) K2 s6 V: w# z( Yper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per, A8 h% @" m! A8 K
cent decrease from the 1,312 transactions recorded in the first half of October 2006.4 @0 c3 A4 {7 b
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent# j* G" e- v# ]8 |5 u$ b
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and3 j* g& L1 x# I5 J- V+ P1 ~
down eight per cent from the 1,695 homes sold during the first half of October 2006.
! y7 D7 D% g. h9 QHouse prices declined throughout the GTA during the first half of the month. The average price
8 K4 `3 D, n3 {4 I1 j/ Z! Jof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
& L& p1 D c; @6 xperiod in 2007.) x, V/ Q) e: {5 v8 V9 L1 P6 O" V
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the+ J0 s! _& i2 W7 e4 y0 R0 r3 i
$441,878 average recorded at mid-October 2007.2 q% A/ d- B9 d/ t/ T6 J+ V, t# B; a* \
In the 905 Region the average price of a home is currently $337,671. This represents an eight5 y2 t4 d+ L3 j
per cent decline from the $365,527 average recorded during the first half of October 2007.( G ?0 v/ B2 C
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
4 w4 V% M/ Q+ g( j! ~" Xmore available stock from which to choose as compared to a year ago when 21,182 homes were
& g ^4 G$ w D A2 ?listed. }( T, _+ ^" H
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
: C. V# P: Z; f6 yselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The5 s5 j$ D5 j, a2 ?8 R; C
list to sales ratio is 97 per cent of the list price.” |
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