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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# Q- H% _. ^9 p# t( i8 }0 C) l
moderated considerably during the first half of October with 2,700 homes changing hands,
+ F( ^# T2 d+ B; j9 J+ t6 WToronto Real Estate Board President Maureen O’Neill announced today.0 @# M% E( G5 d3 c" ^
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,' Z! i( M8 A1 J+ X, Y
when 3,297 transactions were recorded and are down 10 per cent compared to the same period l: Z) A+ Q) P, q
in 2006 when 3,007 sales took place.
- ]. J" |9 U# g1 F' f" WIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21; L5 B. ?1 e+ G" M+ q
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
7 D! N8 K' `/ ~' Q1 k- B- bcent decrease from the 1,312 transactions recorded in the first half of October 2006.. V1 a5 [0 `& G7 [* Q; p/ G Q
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
6 ?. V1 u9 @0 y; {decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
$ R8 Y9 P! T/ v: Z- j% G' `down eight per cent from the 1,695 homes sold during the first half of October 2006.
+ _! e3 o! O: b- a% g1 \. xHouse prices declined throughout the GTA during the first half of the month. The average price7 C e1 G/ [- j& D2 c
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable% g+ B" S2 k. a: k( _6 p
period in 2007.7 G1 A L) s8 f% p O# w. Z0 F
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
5 v; X# E2 D. i. b$441,878 average recorded at mid-October 2007.
( w9 N) ?; }9 s* dIn the 905 Region the average price of a home is currently $337,671. This represents an eight1 j" q3 g- \6 U! L5 Y2 x* W
per cent decline from the $365,527 average recorded during the first half of October 2007.
% D% ?- u* ~* {5 [) @$ _: O1 y) A0 eWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent9 g/ V/ _2 Y& R9 ?8 P
more available stock from which to choose as compared to a year ago when 21,182 homes were2 I& ?/ Q# U( c- Y d, H
listed.2 e5 [4 F. D# P' p
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
/ `; o/ ~* Z/ Cselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The$ l+ k8 |# u- s
list to sales ratio is 97 per cent of the list price.” |
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