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Changing GTA Resale Housing Market Reflects Economic Times
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/ R! x$ U. h& N, e% C; K( q+ TTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
4 Q' w0 A2 M* J5 D5 m/ Hmoderated considerably during the first half of October with 2,700 homes changing hands,
4 G1 m1 x$ J6 y- z4 [4 iToronto Real Estate Board President Maureen O’Neill announced today.
' H8 L% h7 Q; M! F! P/ TSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
5 t* s7 O% i7 O* g# X0 Cwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period' R) U' N! J4 w! J2 q5 {' B
in 2006 when 3,007 sales took place.
# C+ P9 \/ f: P; e. C* V; mIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 211 ^5 e) V& ?" G: Z. n% l
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per% p" D! E, F# F7 D
cent decrease from the 1,312 transactions recorded in the first half of October 2006." {) ?4 d, o) K
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
7 A' h4 v; i' N/ wdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
& {: X: C* s) D8 }9 fdown eight per cent from the 1,695 homes sold during the first half of October 2006.
& c% N* m3 C. Q4 N: T. |House prices declined throughout the GTA during the first half of the month. The average price
9 e. F( V @6 Pof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable; V! T" y w) u+ T
period in 2007.
6 F: F1 c. c. `3 pIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the/ b" N* ~; K& d7 w: b. M
$441,878 average recorded at mid-October 2007.
5 l/ O4 y+ h( n2 s7 u8 }In the 905 Region the average price of a home is currently $337,671. This represents an eight
" d/ @+ I# q% l; c, gper cent decline from the $365,527 average recorded during the first half of October 2007.
1 e5 T! H0 H2 ?, uWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
: F: ~, _; F' G/ X0 |& l, y' Lmore available stock from which to choose as compared to a year ago when 21,182 homes were2 e7 ]+ R! n$ V/ }& s
listed.
+ @( r2 R. T8 G. c" M: i“More choice can mean slightly longer wait times for sellers whose homes are now on average,/ @! U& p- t' G7 U
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The( ^5 J- I; }/ C: C) _
list to sales ratio is 97 per cent of the list price.” |
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