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Changing GTA Resale Housing Market Reflects Economic Times
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I, M: a9 j7 WTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
& P/ m+ G4 A2 J2 Tmoderated considerably during the first half of October with 2,700 homes changing hands,. E+ Y2 R6 i! Y: B
Toronto Real Estate Board President Maureen O’Neill announced today.
' O- D: S' r+ u1 i( eSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,3 u; Y Y! R6 H& Y# U1 X0 N) u4 h& _8 H
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
3 S9 B/ H+ V F3 `; p1 J0 min 2006 when 3,007 sales took place.
! n# q' ]' ^: G# |In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
; r2 m: R$ k& M. Q9 Uper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per# p2 ~* N; x L J' j
cent decrease from the 1,312 transactions recorded in the first half of October 2006.' Q( C5 O) F6 z, R4 U
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent) |) p# k9 R1 z; a8 N6 i
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and( s6 y- r6 ?* f
down eight per cent from the 1,695 homes sold during the first half of October 2006.
. @" L7 b+ y: M: `9 V( nHouse prices declined throughout the GTA during the first half of the month. The average price$ K+ G# \' _, B4 c; S0 Z
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
% e& t) a4 H$ p8 wperiod in 2007.- \$ @8 m1 | z" A+ s; x
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the, b/ I; D. O1 {2 l8 e' K$ h# |% |
$441,878 average recorded at mid-October 2007.
% J$ z& ? V3 k" jIn the 905 Region the average price of a home is currently $337,671. This represents an eight' H5 ]# w# D( T' F8 y
per cent decline from the $365,527 average recorded during the first half of October 2007.
+ w( L- z! l' ^# hWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent! G# {: Y) l0 A$ t |
more available stock from which to choose as compared to a year ago when 21,182 homes were
. @% K: Z" H$ k( |; {listed.6 o. K- ]* C: d- [
“More choice can mean slightly longer wait times for sellers whose homes are now on average,0 w2 @* h6 n9 \9 `$ V4 c, |
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
+ C1 g7 m6 [$ z blist to sales ratio is 97 per cent of the list price.” |
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