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Changing GTA Resale Housing Market Reflects Economic Times9 w5 {9 d i$ ?$ D" s# H
7 k. f% ` p% \( Y0 b( d& wTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
6 Q& h- t0 R! O' D) M0 |* Q" `! Xmoderated considerably during the first half of October with 2,700 homes changing hands,! S3 y1 f( ^, ~$ }% p
Toronto Real Estate Board President Maureen O’Neill announced today.
, N& A2 [# k" y7 I \Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007, b. s! v& |( y# I. Q1 M7 i
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
) [/ }" G( T6 @in 2006 when 3,007 sales took place./ A0 Y6 G2 S' f; N+ o
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
, r. e* v# l, w1 f, F. A, c0 Vper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
$ n: z+ S8 n7 S+ R* w' _ Ucent decrease from the 1,312 transactions recorded in the first half of October 2006.- G1 p1 f) j& E2 l1 c
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent# h* G) a8 `: _/ s& t9 E( B- z
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
) m. ~) |% h; s' v7 B! v1 }* i& wdown eight per cent from the 1,695 homes sold during the first half of October 2006. K' L- k6 W/ q2 X ~3 J0 R5 e
House prices declined throughout the GTA during the first half of the month. The average price
% w4 y! G& s" J$ x% `; oof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
9 M/ x" `3 A6 F) T- F9 g" operiod in 2007.% J- m( s6 [2 O
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the% s! ^" C$ X+ k- \1 d5 }
$441,878 average recorded at mid-October 2007.
' u x9 \1 V0 D2 x4 A/ S) }9 K0 AIn the 905 Region the average price of a home is currently $337,671. This represents an eight% v, E" J/ O. c N1 ?+ o
per cent decline from the $365,527 average recorded during the first half of October 2007.0 x0 L; p$ U0 e! T, t- Q6 J
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
: r: C2 s/ ^* a" O: Ymore available stock from which to choose as compared to a year ago when 21,182 homes were
1 c7 g3 k! e! ]& q% [listed.$ i/ N$ y/ q5 j- h& a7 X2 d
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
p# L4 ~/ G& I: L9 G" U, e9 Cselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
$ s9 S# X; C7 Zlist to sales ratio is 97 per cent of the list price.” |
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