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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
. d4 H" E2 y( x' M; F; {moderated considerably during the first half of October with 2,700 homes changing hands,
1 v/ ?. o: P! E3 i; FToronto Real Estate Board President Maureen O’Neill announced today.
0 L% A3 B/ k$ n5 FSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
: h& J3 F7 z& N1 s3 o' g$ H/ [. Lwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
. _' F$ U6 Z# m1 Win 2006 when 3,007 sales took place.
J8 K; {' Z7 b4 n( \) R fIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
5 h! j e- s9 H: Kper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
0 |( e% ^7 g$ e4 i4 x2 f/ H8 z3 W" qcent decrease from the 1,312 transactions recorded in the first half of October 2006.- f/ C- C- A, |- g2 s6 \
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
$ _/ s5 v0 K8 H0 J9 odecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
7 w* |9 f2 w; P: R( E, I$ Vdown eight per cent from the 1,695 homes sold during the first half of October 2006.
7 h$ N& A! t) w5 I iHouse prices declined throughout the GTA during the first half of the month. The average price0 S2 v9 I3 Q1 f
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
6 _! E4 h/ N7 V' D$ E3 ]: j, L5 kperiod in 2007.1 W: H$ g$ a0 W3 E
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
) o7 e+ P9 |# m+ A6 M. q" d$ m$441,878 average recorded at mid-October 2007.
$ M" f; E6 A c) j. G' F% aIn the 905 Region the average price of a home is currently $337,671. This represents an eight) E; s" b) V$ @) O8 c. R
per cent decline from the $365,527 average recorded during the first half of October 2007.
k7 q0 _; u4 t2 S) N' \With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent' v' ?/ k/ N' v- r1 e8 b0 Q' b
more available stock from which to choose as compared to a year ago when 21,182 homes were$ ]; X1 L; p) L7 ^1 |( P
listed.
5 R6 u, h l G4 J) ~) ^8 B' N“More choice can mean slightly longer wait times for sellers whose homes are now on average,. ^. Y- O, b% Z, n
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
& I* a3 j5 W8 L5 H' D5 _2 Glist to sales ratio is 97 per cent of the list price.” |
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