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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& e6 E3 @! W( H8 w+ J3 X) R( A
moderated considerably during the first half of October with 2,700 homes changing hands,
$ S/ H3 G% Z( ~: J& f- Y" X9 d$ iToronto Real Estate Board President Maureen O’Neill announced today.# f M, n$ {" L. Z+ F
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
' R2 X# _: Y* F5 d$ d3 S0 q. m! ^when 3,297 transactions were recorded and are down 10 per cent compared to the same period9 c5 G/ |5 w* T3 i% e) M
in 2006 when 3,007 sales took place.8 L4 K8 H7 Y4 [+ T* j
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 215 I9 R/ D9 ^. \, v3 K
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per3 c Z- V* W X% H( _
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
. I) \% f% c: W: q; y1 B5 o+ D- ]3 mIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent! ^, s" s, g' F6 H6 m
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
" E. t1 a0 \$ x* U0 W( r; b' Cdown eight per cent from the 1,695 homes sold during the first half of October 2006.
+ K& m4 ~' A+ X' N( K2 {House prices declined throughout the GTA during the first half of the month. The average price
4 O6 T. F6 Z, |, O( F. Qof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
* |: L; @5 ]6 N; r( t, Kperiod in 2007.' D+ N9 G/ C+ U; V
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the; s/ `+ F( R; e0 I3 ]/ F
$441,878 average recorded at mid-October 2007./ o/ ]# E3 f. e. i7 F# k+ u& d
In the 905 Region the average price of a home is currently $337,671. This represents an eight% P) [2 S$ F3 V6 |. E, e# w
per cent decline from the $365,527 average recorded during the first half of October 2007.
7 A6 c2 L0 U8 b( _2 |With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent' f3 W% J0 a6 ^ E
more available stock from which to choose as compared to a year ago when 21,182 homes were
0 ]0 Z/ `) E& a" x, V1 i0 Llisted.5 o$ y, r+ j2 I4 A9 P' ]! Y
“More choice can mean slightly longer wait times for sellers whose homes are now on average,3 ]6 Y3 q& o1 n7 z' _7 G5 F4 C
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
" c. i+ F' u( A4 j3 mlist to sales ratio is 97 per cent of the list price.” |
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