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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
6 l: E/ s) `5 M/ V1 a* R; F# Wmoderated considerably during the first half of October with 2,700 homes changing hands,3 N. b8 W- l' }
Toronto Real Estate Board President Maureen O’Neill announced today.
! L$ s1 P' U( hSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
+ N2 }0 d/ z" U4 ]when 3,297 transactions were recorded and are down 10 per cent compared to the same period
' M( t- u9 x. w' @: `5 Xin 2006 when 3,007 sales took place.* S% m, Q+ U# a; }' l9 P$ J
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21) \- U& j9 {+ X/ c
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
( ?! G3 ^, l, s3 n5 Gcent decrease from the 1,312 transactions recorded in the first half of October 2006., E A" H( A6 [8 y" V( N
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent8 e* f5 R8 Y* |2 c/ v5 X1 r# q) J
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
2 _' M! j# p3 K4 v; w' S2 @/ }! y$ Jdown eight per cent from the 1,695 homes sold during the first half of October 2006.
$ Q8 Z3 t0 A3 I" ^( u/ j9 F: iHouse prices declined throughout the GTA during the first half of the month. The average price
. ~8 `1 V( Z$ r- Q5 Aof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
7 k5 |! m2 l2 K( K; Y5 R2 ^- Fperiod in 2007.5 {1 b" Y& `+ l `
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the+ P" y! j8 x7 _
$441,878 average recorded at mid-October 2007." y+ G/ G" ^' W: a% ^6 w
In the 905 Region the average price of a home is currently $337,671. This represents an eight
# t3 p3 n( u% g+ O+ Y* Xper cent decline from the $365,527 average recorded during the first half of October 2007.
5 C: o' n4 x+ s% _; e2 m f& v7 IWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent. o# } v. o- C+ A) @7 o+ ]
more available stock from which to choose as compared to a year ago when 21,182 homes were: y, u* J$ ]5 E7 D
listed.9 Q% U* `1 E9 d
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
U" v% a/ V) R. n$ Vselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
& z7 O; ]1 m% w9 t& S1 Rlist to sales ratio is 97 per cent of the list price.” |
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