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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 market2 {4 f6 a* K1 Q5 b
moderated considerably during the first half of October with 2,700 homes changing hands,; v; F' Z: Q. z0 g9 Q( F
Toronto Real Estate Board President Maureen O’Neill announced today.' e! Y$ b$ v! Y5 O2 M5 s7 q3 w2 s
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
% U, g9 `2 S/ R+ m3 g' ewhen 3,297 transactions were recorded and are down 10 per cent compared to the same period, r# b! E. H; C9 U4 A3 R+ e
in 2006 when 3,007 sales took place.
9 \5 m. ~9 q; Y% \) x' `In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
, I- i. l( L% dper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per) x9 O, }+ |1 Z' H! \! N# q6 S# o( [
cent decrease from the 1,312 transactions recorded in the first half of October 2006.3 o, \5 Y: C! }$ J3 l% Q7 r) J: z! b
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent6 ~9 U% b' C- A7 M& u* U& r
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and) |( v5 b u; D, |
down eight per cent from the 1,695 homes sold during the first half of October 2006.; L4 d. l) C: Y) T8 _2 M5 d. [
House prices declined throughout the GTA during the first half of the month. The average price
! A' T3 u* D$ R Gof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable# N2 H$ i4 c7 m* ^
period in 2007.
5 v9 R+ O! b# u/ v( f9 YIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the8 f$ d! S, R& [4 h3 d* e
$441,878 average recorded at mid-October 2007.
9 i, W8 F; F! ~In the 905 Region the average price of a home is currently $337,671. This represents an eight
% t! k$ N! R+ E1 A W9 P' F' mper cent decline from the $365,527 average recorded during the first half of October 2007.0 U8 ^3 S$ m, _" D2 F5 }
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent5 N L1 [3 T0 N( F! t6 V
more available stock from which to choose as compared to a year ago when 21,182 homes were. @% k- u8 B5 L% Y/ h
listed., l- E; g3 }$ I8 A9 t1 T
“More choice can mean slightly longer wait times for sellers whose homes are now on average,7 }+ b& }. \0 Y7 I) S2 P' `. g
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
/ a$ G: {! E$ c6 R5 d# i2 f( x4 alist to sales ratio is 97 per cent of the list price.” |
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