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Changing GTA Resale Housing Market Reflects Economic Times2 S7 y# \ {! {! H
7 p4 @+ P$ a% |; s5 x1 PTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market4 _$ l3 D3 |* B% O! Z6 c
moderated considerably during the first half of October with 2,700 homes changing hands,
! M1 N' f q# D9 y6 v: F/ QToronto Real Estate Board President Maureen O’Neill announced today.$ q. B! o' V; {
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
# v# L6 ], {; Z- [when 3,297 transactions were recorded and are down 10 per cent compared to the same period p/ G& U: N* x# G. d, `0 c
in 2006 when 3,007 sales took place.0 ^/ Z) g, }, w7 l
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 219 N( [4 e: o9 v' h. u8 y+ H, m
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
/ t4 \4 a+ s/ w- g Ncent decrease from the 1,312 transactions recorded in the first half of October 2006.
) A+ }3 J' e. h W6 ?In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
: N8 P* L. B; e$ k3 M& Edecrease from the 1,851 transactions that took place during the same timeframe in 2007 and" ~! U+ P y2 s
down eight per cent from the 1,695 homes sold during the first half of October 2006.
! t8 V' E* X1 `House prices declined throughout the GTA during the first half of the month. The average price
+ t* |# e6 Z3 f: t$ s, E) ^of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
& B# \$ Q( g: _4 fperiod in 2007.
F! z# J& B- D0 p: [6 xIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the5 j+ X( W$ x4 j P
$441,878 average recorded at mid-October 2007.
# V! X' N9 l8 w2 z% C( {5 T* IIn the 905 Region the average price of a home is currently $337,671. This represents an eight6 ?$ C1 {8 {5 [1 t/ R1 I2 u y
per cent decline from the $365,527 average recorded during the first half of October 2007.
& S3 s0 ?1 U4 R& u d1 P, |# CWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
2 P, v) }/ J" n* ]4 Q3 ]more available stock from which to choose as compared to a year ago when 21,182 homes were9 q9 v8 s& d$ D9 \4 \/ q" n! z* i
listed.
+ N# P i+ m8 T/ X3 F“More choice can mean slightly longer wait times for sellers whose homes are now on average,# O: N- p, U7 ?' B* c* D+ v
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The3 j8 S. [+ P2 e5 f2 Q8 n
list to sales ratio is 97 per cent of the list price.” |
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