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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
) b" y: u! a% f+ f! a8 Ymoderated considerably during the first half of October with 2,700 homes changing hands,* M! B% g7 m* ^9 g' b* d. o
Toronto Real Estate Board President Maureen O’Neill announced today.
% L$ @/ J* l8 z6 g7 OSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007, v, A: Y/ _- W( x% `
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
e" n s& [; j" F- N! Cin 2006 when 3,007 sales took place.
p8 j2 |2 M' |( s, KIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
' Y5 f) j" {) p! u# Q% U4 q# Hper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
! y: b! @- @5 O! ]0 m5 Q9 x4 Ucent decrease from the 1,312 transactions recorded in the first half of October 2006.% r3 |) w' F4 y) ^
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent0 A2 W$ Y2 U/ K' T
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and4 _, v3 C- u" ~' ^4 h
down eight per cent from the 1,695 homes sold during the first half of October 2006.0 i$ \6 K# ^ d* h. S6 c- e$ ]7 O
House prices declined throughout the GTA during the first half of the month. The average price# n- T o; u& o' d# W. T
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable: {, o( F9 N1 C/ j$ H4 O: [
period in 2007.9 _9 L# v+ K& j+ e% i
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the) |, w4 f* Q0 S4 y+ S
$441,878 average recorded at mid-October 2007.7 |" R" v* y5 u
In the 905 Region the average price of a home is currently $337,671. This represents an eight/ o; B# A' Q- ~1 K. v k+ W
per cent decline from the $365,527 average recorded during the first half of October 2007.! X: S- |+ o- N% l
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
# y: R3 D9 R* O- W. rmore available stock from which to choose as compared to a year ago when 21,182 homes were0 V" K" H% f2 i2 N% B" p
listed./ X7 \6 R; R& c" T2 ]
“More choice can mean slightly longer wait times for sellers whose homes are now on average,' ?; N: P1 {, `7 C8 R: U; I3 Y- D) N
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
6 M& C; v/ j3 t- R3 K- }8 D1 qlist to sales ratio is 97 per cent of the list price.” |
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