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Changing GTA Resale Housing Market Reflects Economic Times
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1 e3 p5 [* B( O# pTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market; A5 h9 B2 [/ ^
moderated considerably during the first half of October with 2,700 homes changing hands,
@5 f; N& H' uToronto Real Estate Board President Maureen O’Neill announced today.
; o6 N; z& N6 RSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,5 U) c- L' y, }( p7 k
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
; ~, j f% P* R! u. `: Y) Zin 2006 when 3,007 sales took place.
+ J5 g( W- k, b/ @* r2 @ T4 JIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21. t5 x4 p4 L8 t# O m& N
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
4 t5 @* h% r& _3 e; t- zcent decrease from the 1,312 transactions recorded in the first half of October 2006.2 x0 R7 \, W' P, S
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
* D: l) K& e8 I! fdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and% [, ~/ N0 j! J& I" e3 Y- o1 j
down eight per cent from the 1,695 homes sold during the first half of October 2006.% L8 E& W5 g1 `
House prices declined throughout the GTA during the first half of the month. The average price+ [7 V3 B, E. ]6 K
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable, {4 \! V- s9 d0 F" L
period in 2007." j0 U% F( c! m+ ~ k
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the3 U( j( T7 O4 x0 U$ e
$441,878 average recorded at mid-October 2007.
' P \4 U. x: c+ Q% l" _( |In the 905 Region the average price of a home is currently $337,671. This represents an eight! A" b' z1 W+ @9 H' Y
per cent decline from the $365,527 average recorded during the first half of October 2007.0 B2 L7 r1 R3 L( ]9 }
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent6 B- i6 z" ?# B; @ J& U4 S
more available stock from which to choose as compared to a year ago when 21,182 homes were
, x9 _( J6 x! g1 H/ v% @listed.
. c0 u1 i* `; Z6 A0 ^" [9 V8 B6 @- W4 \“More choice can mean slightly longer wait times for sellers whose homes are now on average,
. X7 m5 b* H1 U# h+ J. A( f- [selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The4 K6 C9 e$ u: N; j7 O! G
list to sales ratio is 97 per cent of the list price.” |
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