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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 market
# y( M0 n6 H- T- L c% K% _6 V0 vmoderated considerably during the first half of October with 2,700 homes changing hands,
. C% ?" F# `0 `9 Q4 V5 O @! U' K ~Toronto Real Estate Board President Maureen O’Neill announced today.2 @7 Y$ k( v! p2 h' h- {. g9 |
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
" A2 d! I% u( _when 3,297 transactions were recorded and are down 10 per cent compared to the same period
0 ^) K4 y2 W \in 2006 when 3,007 sales took place.: [" o5 }9 w* H. S3 t6 |; _
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
. M; \9 M; n$ }/ e1 H) @) Gper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
8 N) W" L6 p; _: O: N3 Qcent decrease from the 1,312 transactions recorded in the first half of October 2006.
7 D$ c T1 u- r6 xIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent: b" w+ \' L s$ ?
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and' B" t) m6 ^) V6 h" F* y$ P3 Z
down eight per cent from the 1,695 homes sold during the first half of October 2006.
9 D* t6 K% V1 U2 F( D" f2 R' KHouse prices declined throughout the GTA during the first half of the month. The average price
; H6 Z* A# D+ d H3 [2 Fof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
! r% [" V: T' L# q Tperiod in 2007., I: A! \* ]& I' y
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
; o2 t) m* b( C% Z1 I# ?. [/ i$441,878 average recorded at mid-October 2007.. ~+ D0 D- O4 H4 W$ }7 X
In the 905 Region the average price of a home is currently $337,671. This represents an eight
& T6 E1 Z& R: N' y+ xper cent decline from the $365,527 average recorded during the first half of October 2007.
]( N, @( ]: }+ D/ {8 XWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
0 ]" C; K5 K5 Z- _more available stock from which to choose as compared to a year ago when 21,182 homes were- D. q4 U: {8 b, z
listed.$ m! C1 T8 W8 x+ ^' U7 v
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
1 R5 Y% \* p$ V' L6 gselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The+ N" B$ w+ {0 Y, E$ V+ @* |: g
list to sales ratio is 97 per cent of the list price.” |
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