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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 market8 q* X6 [/ {7 Q& t
moderated considerably during the first half of October with 2,700 homes changing hands,% I0 P& } j6 \7 K
Toronto Real Estate Board President Maureen O’Neill announced today.
' x' N* u6 I5 c8 ~8 ^6 YSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
2 {0 _1 m1 a" Vwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period5 M( W4 D# C- F5 O0 n3 o8 ?
in 2006 when 3,007 sales took place.
- M. Y4 R6 {/ t5 B/ t/ W! |In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
. G8 {2 X4 j$ ?" s* yper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
1 J0 E: i p' z6 \5 B+ acent decrease from the 1,312 transactions recorded in the first half of October 2006.
4 y8 k) y1 }' Z' o: b/ B4 W% ?In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
% r9 Q- t3 A$ ^1 q8 `6 ]" m! jdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and2 x; {5 w4 C5 u) x) ~' h- U4 [3 f9 T
down eight per cent from the 1,695 homes sold during the first half of October 2006.
8 ? a2 g0 h0 ^" FHouse prices declined throughout the GTA during the first half of the month. The average price
$ p9 p( E' c* u. \7 Q6 a, Nof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
2 K( v) @# K3 r( Kperiod in 2007.1 N Q% u2 O4 p
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
0 f# W1 h" h. K( K5 U$441,878 average recorded at mid-October 2007.% y# ~* R9 h) \9 t
In the 905 Region the average price of a home is currently $337,671. This represents an eight9 E6 P( P* N) c3 o6 V" U& }' F
per cent decline from the $365,527 average recorded during the first half of October 2007.
0 A7 |7 O% z7 i8 iWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
. j2 A: y, E8 ~9 B( g/ @3 R2 |more available stock from which to choose as compared to a year ago when 21,182 homes were. [9 e3 w4 R' H8 s) X2 \
listed.
* r+ R7 n5 f7 R- n& I) G" I$ v; `! f“More choice can mean slightly longer wait times for sellers whose homes are now on average,0 D" T; j; X T4 P
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The4 ]2 h! i' w$ w: p7 H/ ]1 l
list to sales ratio is 97 per cent of the list price.” |
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