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Changing GTA Resale Housing Market Reflects Economic Times8 C6 p9 ^2 A/ Q Q& D" `1 Q
' T' L% W* L TTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
7 Z; A5 [8 Q6 ?4 Vmoderated considerably during the first half of October with 2,700 homes changing hands,8 @5 k! R5 S$ x Y8 f) }7 Q# `
Toronto Real Estate Board President Maureen O’Neill announced today.$ \5 d# t! ^0 }* B! e) e& i" _! Q
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007," H0 S' A! n- Q( Z1 j" e$ e
when 3,297 transactions were recorded and are down 10 per cent compared to the same period0 ~. @* V# K( g( } c
in 2006 when 3,007 sales took place.% z; j0 c" y# d6 [! l& E
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
' V. n7 g ]! jper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per' F: {/ F" i' T; ?: [- t
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
5 [" ?' z' T4 k( @# g2 U+ WIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent5 q N2 [8 \7 L" g
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
, D& J, L2 E- J+ w/ G; r: l7 M' c: Gdown eight per cent from the 1,695 homes sold during the first half of October 2006.
# J( p1 g" y9 E% W* X- oHouse prices declined throughout the GTA during the first half of the month. The average price+ @ q" _' M8 m; X3 Q
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable1 S6 [0 y% o+ M3 w! R
period in 2007.6 U( f3 g( r: h5 K% k$ I
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
2 x8 O( W5 M; q$441,878 average recorded at mid-October 2007.: y) c1 F" g7 @, x6 `
In the 905 Region the average price of a home is currently $337,671. This represents an eight4 Y! [9 j" a" H* ^) p& G2 F! ~
per cent decline from the $365,527 average recorded during the first half of October 2007.
' T* c+ G7 I+ a; s8 Y* cWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent1 Q, V" o/ @; b0 k% }" s
more available stock from which to choose as compared to a year ago when 21,182 homes were
# `9 Z1 C' z* W3 E) f" Vlisted.
7 P5 v9 P; K9 Q1 M% V5 I8 R“More choice can mean slightly longer wait times for sellers whose homes are now on average,
$ Z% F( o) v, r+ `7 D% Wselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
4 w, e0 j2 |# S \list to sales ratio is 97 per cent of the list price.” |
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