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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( ~9 z. y! @/ I# q9 F) W; L
moderated considerably during the first half of October with 2,700 homes changing hands,1 s5 S& X7 d; r- g3 U
Toronto Real Estate Board President Maureen O’Neill announced today.
2 @# |' c# H$ B" u& ySales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
8 P! R! F p3 m7 Swhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
+ B3 {( o" j* Y% G$ Win 2006 when 3,007 sales took place.
2 k$ e' d+ v( ]' I _% v- r0 bIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21/ n- i4 Y0 R5 M. p! R. n# g* R9 M7 [
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per# h# l7 P+ Q+ e: x4 J
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
, v8 n3 {- M: @" f- hIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
4 ?7 w% N) l8 \9 t( J9 A* K9 Z# p& Ydecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
+ J8 ?. S) ]$ Edown eight per cent from the 1,695 homes sold during the first half of October 2006.
0 w1 a2 _: D% q( I gHouse prices declined throughout the GTA during the first half of the month. The average price% h' l2 b) t% C
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
! Y5 m/ A: x: K8 |4 L3 N% ?' V! Dperiod in 2007.
! \ ~& ]1 C# L. x; wIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the+ ]6 c- j( |3 I4 \" O5 T
$441,878 average recorded at mid-October 2007.& {% B8 h0 |9 y/ g& M
In the 905 Region the average price of a home is currently $337,671. This represents an eight+ w' z( r! Q' M- T: S
per cent decline from the $365,527 average recorded during the first half of October 2007.9 y& G: ]7 l6 |9 U% j) V2 e* w4 `/ M
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent- k, M, \# f, Z9 W7 p8 S
more available stock from which to choose as compared to a year ago when 21,182 homes were
+ b V: M L# ^4 ]1 zlisted.
2 E1 s2 y" v% g: c- Q' J, c% g5 ]' l“More choice can mean slightly longer wait times for sellers whose homes are now on average,
) @' W% d$ m: qselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The0 L4 i1 B' `0 Y! Q
list to sales ratio is 97 per cent of the list price.” |
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