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Changing GTA Resale Housing Market Reflects Economic Times
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2 G" b. v- v( b$ STORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market: i- K$ _# J3 A
moderated considerably during the first half of October with 2,700 homes changing hands,5 {- }+ C2 v) M0 t, {
Toronto Real Estate Board President Maureen O’Neill announced today.- a- x6 S/ B" Y1 p7 S. N- G1 E
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
5 ^' H! F0 S1 ~' b" A8 Iwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
- |- e% F7 z0 b0 r0 @1 ^/ S: |# Z5 Nin 2006 when 3,007 sales took place.5 y( E1 b; A s) I/ e
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21. ^2 b( n# D( H1 b' p
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
8 c0 ~% W, Z* S; L% h; U% bcent decrease from the 1,312 transactions recorded in the first half of October 2006.& b% v# [/ s3 [" h3 u
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
# S+ H# ]& H% {; xdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and' ^; i$ J8 d- x5 c ]' w; O
down eight per cent from the 1,695 homes sold during the first half of October 2006.
5 d% e$ r" | c7 nHouse prices declined throughout the GTA during the first half of the month. The average price. ]9 M. R; |! b4 A
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
( {5 k$ X; j! l& A7 ^2 H0 Cperiod in 2007.) M3 G) X( y& v" C# r
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the0 } c2 Q; |, B5 P6 I
$441,878 average recorded at mid-October 2007.
6 w3 S: s. E8 f2 HIn the 905 Region the average price of a home is currently $337,671. This represents an eight2 s. ^/ w4 x N2 }1 j1 @8 L
per cent decline from the $365,527 average recorded during the first half of October 2007.
& H# E( A2 r" X( Q, ^5 m8 _7 ZWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
' @. S, G6 u- ~1 _+ h* ?more available stock from which to choose as compared to a year ago when 21,182 homes were
# n A8 L l9 _listed.& t# Y% l7 h2 a7 i
“More choice can mean slightly longer wait times for sellers whose homes are now on average,: s" R0 y6 v0 A: x9 E
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The, b G' N! H+ i3 G
list to sales ratio is 97 per cent of the list price.” |
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