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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
) B7 r7 y, v8 f1 Zmoderated considerably during the first half of October with 2,700 homes changing hands,2 z8 C5 J7 |) g' P
Toronto Real Estate Board President Maureen O’Neill announced today.
' M4 \ I& K+ \* I2 G$ ^5 n& ^Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
$ L+ W6 s% P! a3 L7 Kwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period: M* }3 }3 m# N% h7 l. s7 N, Y
in 2006 when 3,007 sales took place.0 i; c# P& a) W( t) Y' c3 } h
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 212 k& c8 |, O+ o5 p
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per: o/ h$ Z& p6 T2 M* ~: r/ X- u
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
* E* E1 L7 k( }; EIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
/ M+ }; D) }; G1 m( U# Jdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
. w7 S& f3 k! g ], `4 vdown eight per cent from the 1,695 homes sold during the first half of October 2006.6 Q. b8 @; `2 m3 R$ m) @; v
House prices declined throughout the GTA during the first half of the month. The average price
" P% K$ H) ^( H+ `of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable" ]: X: @8 @6 M* [' g! P
period in 2007.- b& ~" U7 |; N) P" y
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
; h6 y9 E7 z2 O& y7 |9 v) @$441,878 average recorded at mid-October 2007.
8 I6 i- K; y; w$ z: `In the 905 Region the average price of a home is currently $337,671. This represents an eight6 d4 Z1 W1 q/ ~4 p: j' G! A
per cent decline from the $365,527 average recorded during the first half of October 2007." i/ i0 z4 a, ~8 E* N
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
( `/ [# m+ T2 P* K; G* Mmore available stock from which to choose as compared to a year ago when 21,182 homes were* {# J/ f6 G7 g8 w, b L) d I
listed.
4 N. J' b# y4 `! p$ d“More choice can mean slightly longer wait times for sellers whose homes are now on average,! L, T/ P! `' s" h
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
. Y% G5 ~& h) k( rlist to sales ratio is 97 per cent of the list price.” |
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