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Changing GTA Resale Housing Market Reflects Economic Times
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% y5 x1 v8 H9 l/ Z/ e! B2 CTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market8 P) X( s/ Z- F" \% j* d
moderated considerably during the first half of October with 2,700 homes changing hands,0 Z% |( B! q' s6 v. t" W. `
Toronto Real Estate Board President Maureen O’Neill announced today.
F; z- W. A" b& Y7 ^# x; S; A" a3 dSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
$ O6 {7 U" k( Kwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
U$ j, W" ]' y, ^in 2006 when 3,007 sales took place.9 [' u% ]! j/ ~, Y) A" s* g2 p
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21) V& v: {3 O$ k0 p* }2 F& K% I2 M4 f
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per* Z1 }6 ]: @3 i3 Z
cent decrease from the 1,312 transactions recorded in the first half of October 2006. T6 h" q- B2 f0 }0 Y9 O6 V5 o
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
$ O! H" }1 j' t3 _) ^0 S* D9 ?decrease from the 1,851 transactions that took place during the same timeframe in 2007 and0 m7 S) ^! c1 a, @! D7 g! q
down eight per cent from the 1,695 homes sold during the first half of October 2006.0 d1 J. h p3 _2 c. l
House prices declined throughout the GTA during the first half of the month. The average price+ s4 ~$ @8 W" ]+ p& Q
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
8 T% b( R7 F7 ?! K L4 U* J! Uperiod in 2007.& s* }( f+ z$ Y4 x" ]5 l* P
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the& ~* X) T# S. ~7 {/ V- V& Y
$441,878 average recorded at mid-October 2007.
, K1 O& ^5 L6 T( QIn the 905 Region the average price of a home is currently $337,671. This represents an eight$ E# L/ z4 r* c) o3 Q
per cent decline from the $365,527 average recorded during the first half of October 2007.* Z, A% k7 N/ ?+ o+ N* w
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
& Y! \! W& b9 ^0 ]0 a* Dmore available stock from which to choose as compared to a year ago when 21,182 homes were4 u1 {( \1 k& L$ d8 \/ U/ q
listed.; i1 o) b( n1 y0 x1 y3 e
“More choice can mean slightly longer wait times for sellers whose homes are now on average,3 M5 S! Z1 }6 O1 F+ c6 S( B
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
% f5 Z0 ]; _: W0 m9 olist to sales ratio is 97 per cent of the list price.” |
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