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Changing GTA Resale Housing Market Reflects Economic Times
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# t1 _9 l# g* t8 w* [7 F" ^TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
) P/ G5 l0 k+ T$ {2 b) }" gmoderated considerably during the first half of October with 2,700 homes changing hands,$ C0 @; V4 b& c$ _% |2 z& t" S. S2 ~
Toronto Real Estate Board President Maureen O’Neill announced today.8 N1 |3 g3 r) ~5 h
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,: F% N1 Z0 O2 |' J) m3 G7 F$ G4 \
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
3 w# a7 a! E [5 b; K5 J3 Yin 2006 when 3,007 sales took place.( F# w4 U" L/ F& \% I, U1 E' c
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 219 y" Q8 U& b4 o& s/ Y8 H* P
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per8 I/ l: B' p0 C- }! s
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
% {& g/ W6 ^2 ^/ v, p% g N/ OIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent/ |. z b, o' |0 D) q
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
7 c. w8 p$ U- q" F0 O* |' Ddown eight per cent from the 1,695 homes sold during the first half of October 2006.
* e) z3 K7 ^ t! j% l( pHouse prices declined throughout the GTA during the first half of the month. The average price" N/ I( \* y. m9 @
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
/ O& @. O$ J! G7 Z, W- Pperiod in 2007.4 c4 x/ _ e3 \8 q. m
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
" n: b' A: }+ y% g8 Q' M3 l% l& l$441,878 average recorded at mid-October 2007.: j5 d% u1 x4 k! \
In the 905 Region the average price of a home is currently $337,671. This represents an eight
# Q" ^# F4 t( lper cent decline from the $365,527 average recorded during the first half of October 2007.
5 A$ h% q7 K, t: d% v6 M7 nWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent9 O+ C4 j/ y K' }* P' D
more available stock from which to choose as compared to a year ago when 21,182 homes were, ~' y' x: I0 v& m* A/ t
listed./ Q# Q6 Q2 @& Y. j5 | ]* C7 C
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
0 `: Q, e: w, R" `6 Eselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
0 l6 G* p+ y' O# j6 W. Plist to sales ratio is 97 per cent of the list price.” |
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