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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& g; w3 V7 ]3 @8 X
moderated considerably during the first half of October with 2,700 homes changing hands,
8 \! h9 j# _! w3 G% X" lToronto Real Estate Board President Maureen O’Neill announced today.2 T8 }4 B0 s8 I, @ h
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,1 `0 j# e, T% C; E5 Z6 q
when 3,297 transactions were recorded and are down 10 per cent compared to the same period/ | g# Q m* e; n: q& F/ d7 G
in 2006 when 3,007 sales took place.
. n1 u# O: J, c0 UIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 219 J; s. W$ _( u8 |2 x
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per. k5 q4 u! G* I2 a7 F+ Z
cent decrease from the 1,312 transactions recorded in the first half of October 2006.9 S+ D* i+ }. \+ i
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent+ Z c3 f6 u: o2 g/ a# g
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
6 _* |' l2 W7 ?! c9 fdown eight per cent from the 1,695 homes sold during the first half of October 2006.0 ^: `/ C+ c7 `* n3 ]( a6 j d
House prices declined throughout the GTA during the first half of the month. The average price
9 _* X. o% S8 M% X% oof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
& J4 ?$ ?. W8 q9 U% u6 n: @/ k' Fperiod in 2007.
6 Q, S1 g" k& u: j7 cIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
! i6 J8 C @: x/ _, I- r, U$441,878 average recorded at mid-October 2007.
, [- m0 `; ~: S" c: NIn the 905 Region the average price of a home is currently $337,671. This represents an eight
) W6 L: E4 s: Oper cent decline from the $365,527 average recorded during the first half of October 2007.1 j( W8 c( s& [7 X7 x* h; A% y% v
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent6 g; K' O; ~3 s' T5 W. o* W
more available stock from which to choose as compared to a year ago when 21,182 homes were1 {3 Y/ i: C9 ]' o0 Z' J
listed.( r- {3 A1 l8 _
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
0 W0 U& [5 j5 R; dselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The1 T9 C$ K8 o) p; A6 h# V# M' k5 ?
list to sales ratio is 97 per cent of the list price.” |
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