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Changing GTA Resale Housing Market Reflects Economic Times: [* N9 n7 Y; r( h, w
0 z2 Z0 A/ R8 n; Z# cTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market- d: a1 j( R+ k+ x
moderated considerably during the first half of October with 2,700 homes changing hands,
/ q; i0 }7 n3 N& q0 r9 uToronto Real Estate Board President Maureen O’Neill announced today.
& s8 f3 t2 I D. ?Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,, U- @9 O# P5 ^) i# ^
when 3,297 transactions were recorded and are down 10 per cent compared to the same period7 n( O& w* t" ^' d: Z: U3 \/ i
in 2006 when 3,007 sales took place.
! K0 [1 s3 d! w' H& m) mIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
7 v) w9 W& ^$ r; Qper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per8 H7 {& r+ l5 `' x8 F4 ^
cent decrease from the 1,312 transactions recorded in the first half of October 2006., f% u. t; S+ w% t( i: ]7 j! ~( q
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent8 Q- h6 q7 _( s
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and5 g* t8 x9 p6 o
down eight per cent from the 1,695 homes sold during the first half of October 2006.
- b- R6 z9 f9 N; uHouse prices declined throughout the GTA during the first half of the month. The average price
6 d- F' W; l4 ?. e; `5 Kof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable7 f! i% s/ t% R3 P: V8 v& i% {7 \
period in 2007.
$ {1 D- U7 v! q t2 \$ NIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the8 w2 N6 Y, W' o0 Z) c; r
$441,878 average recorded at mid-October 2007.7 u6 S) y* ]1 S3 A9 i' |
In the 905 Region the average price of a home is currently $337,671. This represents an eight
* X" q: ]! L! F7 j+ Oper cent decline from the $365,527 average recorded during the first half of October 2007.
# W y& ^6 e% _. nWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
# m. m% I/ {6 Lmore available stock from which to choose as compared to a year ago when 21,182 homes were
+ d w0 n6 {3 [' W% Zlisted.
! S! z6 }% ^. X: ^$ ~: Q“More choice can mean slightly longer wait times for sellers whose homes are now on average,
2 F; q' T9 I) f" sselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The2 X' }# c8 ]/ L, t' u; ?, b
list to sales ratio is 97 per cent of the list price.” |
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