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Changing GTA Resale Housing Market Reflects Economic Times7 g) K; e+ C- q& `* C$ j
0 _; n+ H/ u) b3 ITORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
+ ^' o5 @! m$ E0 e jmoderated considerably during the first half of October with 2,700 homes changing hands,1 I {- t9 g- ^
Toronto Real Estate Board President Maureen O’Neill announced today.
$ W! O, F9 S& b4 |' ~+ [Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
$ v( v7 h- ^# @6 X$ vwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
8 V0 ]4 D) j C* J, Yin 2006 when 3,007 sales took place., x' H2 l! m' d$ ~: N& c# M3 c
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
) n \% D# M5 P# z2 L; Pper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per+ S5 g) N) Y0 ]( o# ^. \. W( I' M
cent decrease from the 1,312 transactions recorded in the first half of October 2006. y& \- n* ?: a6 `- S
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
4 t' F5 M C7 @+ A/ I9 Jdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
4 o Z' ?6 O4 g' pdown eight per cent from the 1,695 homes sold during the first half of October 2006.
8 L& M3 Q2 e% i) R1 p# eHouse prices declined throughout the GTA during the first half of the month. The average price
) `0 |& q4 s5 F* K$ V* fof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable1 V1 D* P p! s( p$ F
period in 2007.! s. D2 }) M7 H0 @/ v+ J% s
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the& m" v' q( x. B) b+ M$ ]
$441,878 average recorded at mid-October 2007.
: u1 ]/ Q! m0 a' V# x! ^1 DIn the 905 Region the average price of a home is currently $337,671. This represents an eight
: \1 C6 k) R: F) {. {6 Uper cent decline from the $365,527 average recorded during the first half of October 2007.' c7 R' |: T4 O% [" F
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent' w+ y* r, H$ \6 n
more available stock from which to choose as compared to a year ago when 21,182 homes were) ]) A; ? C3 v! _- B7 |
listed., J- U" o! A9 S% m: V
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
7 ~) d1 j8 q' N) e# q& Zselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
" `# R% Z: Q) c# g8 Plist to sales ratio is 97 per cent of the list price.” |
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