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Changing GTA Resale Housing Market Reflects Economic Times8 |' j( V0 L8 o3 p" O2 s
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
) k/ D6 k: D: | g6 Rmoderated considerably during the first half of October with 2,700 homes changing hands,' R3 v' S1 x. A3 _+ b# t
Toronto Real Estate Board President Maureen O’Neill announced today.. B7 ~" |5 {% b, K! h2 i
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
9 I$ K% u8 }- B2 p9 E+ hwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
: u- f: e+ `3 z8 Iin 2006 when 3,007 sales took place.6 f: u% k5 ~3 B" z/ R( [
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 210 u6 }+ q" P$ F2 k/ {7 `& j1 C
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
o. m) Y& f" ?9 ]7 ecent decrease from the 1,312 transactions recorded in the first half of October 2006.
' V8 H c& w a j) BIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent& @7 i! S/ ]4 K% Y- ~8 b# d
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
0 }' N6 W; b7 R2 R3 T- p! p/ a% [down eight per cent from the 1,695 homes sold during the first half of October 2006.
+ ?1 G, n$ g8 \" I2 uHouse prices declined throughout the GTA during the first half of the month. The average price! R* \7 A/ v0 c; P! p- K9 R
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable( N3 w, W( p9 x4 o- X, \
period in 2007.
. L; \1 f( v& P/ ^9 {' oIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
8 m [' U0 K2 x" d8 r- |$441,878 average recorded at mid-October 2007.
: ~4 q; M( v6 N& eIn the 905 Region the average price of a home is currently $337,671. This represents an eight
8 B) D/ G3 D" G! G2 f+ Q5 bper cent decline from the $365,527 average recorded during the first half of October 2007.( d9 ^& }) ~* U5 D. d5 @
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent2 e# ~5 l, k+ v
more available stock from which to choose as compared to a year ago when 21,182 homes were
7 q: _/ S9 ]# T4 R& alisted.
0 K( L" y3 R4 e5 j" E7 t j“More choice can mean slightly longer wait times for sellers whose homes are now on average,
_; e. W9 c0 X8 W& j6 p9 r: L! Yselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
% m e6 o2 y4 N% K* z4 Plist to sales ratio is 97 per cent of the list price.” |
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