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Changing GTA Resale Housing Market Reflects Economic Times
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0 T4 h7 K+ @" Z% B* OTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market+ ?$ y1 N1 o: x
moderated considerably during the first half of October with 2,700 homes changing hands,4 s) v" V- W' f& E+ }0 g
Toronto Real Estate Board President Maureen O’Neill announced today.5 m8 C) ]+ ^$ G! r+ u
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,. H& K5 l3 i/ N- t" k
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
0 C6 k+ ?1 n) q' K; P" qin 2006 when 3,007 sales took place.$ |7 A, T! g$ _; X
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
% A9 F- M2 \; u, ^per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
6 g4 @7 `) o( M% C* X5 _" Xcent decrease from the 1,312 transactions recorded in the first half of October 2006.
# Y- S% E: S1 N) o0 `In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent, ^+ [1 s0 q' w; ?# T3 }; S
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
7 s' R5 Q& @# Adown eight per cent from the 1,695 homes sold during the first half of October 2006.* w6 V: H( r0 X5 j
House prices declined throughout the GTA during the first half of the month. The average price# u1 Z; P% s7 b
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable2 m& v9 }, w- ?
period in 2007.% ~* m/ D; ~/ t
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
5 O! U& g8 H1 m+ n0 d. l8 l A$441,878 average recorded at mid-October 2007.
% d2 h7 Z$ ]6 V" v5 AIn the 905 Region the average price of a home is currently $337,671. This represents an eight
! V* Z5 b; R& q3 v4 V) O+ Aper cent decline from the $365,527 average recorded during the first half of October 2007.
" ` f+ v- j' k; z% k; T0 L% T# {/ JWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent1 C4 u* M z9 S& n r0 V, `
more available stock from which to choose as compared to a year ago when 21,182 homes were
' B8 p9 H+ B! v9 C# C" xlisted.! S1 \9 Y0 o }* Y+ y
“More choice can mean slightly longer wait times for sellers whose homes are now on average,# _) d& s# d0 t* l- X
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The$ E' B$ k$ A- I7 ^* _7 |) T. r" U5 |
list to sales ratio is 97 per cent of the list price.” |
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发表于 2008-10-25 13:47
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