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Changing GTA Resale Housing Market Reflects Economic Times
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Z, f& U; A! bTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
* t2 {2 S( h# _0 p7 L( B+ Emoderated considerably during the first half of October with 2,700 homes changing hands,6 z1 N- }; y8 o
Toronto Real Estate Board President Maureen O’Neill announced today.
; C$ J& _1 m0 T: _0 K( c# iSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,& N$ ~! {2 }& T) c+ r
when 3,297 transactions were recorded and are down 10 per cent compared to the same period* Q& O) s/ m$ I8 U6 A S
in 2006 when 3,007 sales took place.- n6 S/ h, g2 e' X
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
2 ^) q0 z! [& bper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per2 ^; Q- v5 g& L
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
1 w5 h+ W/ T% `8 |. k0 w& BIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
0 }2 K# ?4 v4 b$ k! r; sdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and# {3 Z$ u, u' ?2 |0 p
down eight per cent from the 1,695 homes sold during the first half of October 2006.
* F9 }' R+ I, w3 s8 n, BHouse prices declined throughout the GTA during the first half of the month. The average price* }0 a5 _9 s2 U
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable& [8 y" c, Q* o1 u4 g# ]
period in 2007.
) P* c1 k! _( M( z. t8 j1 P$ H) T& fIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the1 [7 N, C4 Y, a
$441,878 average recorded at mid-October 2007.
3 L7 H6 q S2 } ZIn the 905 Region the average price of a home is currently $337,671. This represents an eight
( I* q) g* D6 B8 f) dper cent decline from the $365,527 average recorded during the first half of October 2007.$ F( D: B: c3 s3 N% E, ], J) e* v3 H
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent: c( u" n' \/ P# R3 n6 D: p
more available stock from which to choose as compared to a year ago when 21,182 homes were
W! G1 I1 L5 _- j2 [' ?listed.- ]+ ?- c, S$ \7 M5 k
“More choice can mean slightly longer wait times for sellers whose homes are now on average,0 M7 E* N H7 P1 H8 }4 l( d( d- o
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The& r7 D3 {0 X! a' J5 j
list to sales ratio is 97 per cent of the list price.” |
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