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Changing GTA Resale Housing Market Reflects Economic Times
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- f5 ]$ |9 H* g: S. C! j' C" HTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market/ f% n! Q% g: |/ ^
moderated considerably during the first half of October with 2,700 homes changing hands,
( Y% M3 g) e+ W! ^Toronto Real Estate Board President Maureen O’Neill announced today.
. H( D( F( B5 n8 }+ i8 wSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,) ~" U3 t' ?$ Z9 t# y) a
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
! |. S# I3 T2 a- r& I7 A6 ^in 2006 when 3,007 sales took place.
4 N! g# R' W! M; r5 h( ^: j4 aIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21- c' E1 S$ b" o. l' a& j6 K7 @% [
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
7 B, Y9 g& f3 v* t* u2 m* N Scent decrease from the 1,312 transactions recorded in the first half of October 2006.6 w. }. w) m7 A+ u9 X# H: C
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent% k; i: X) {8 X Z+ f* ]
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
9 p4 [7 p, L& }' s4 q2 \4 Zdown eight per cent from the 1,695 homes sold during the first half of October 2006.; s* I6 j, c& U: w% x0 A. e% e
House prices declined throughout the GTA during the first half of the month. The average price
% K. N, n0 v) T9 v* G' H& ^! mof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
/ t0 ~! X/ d% j+ Y8 b& \7 n( hperiod in 2007.$ A' Y9 z* v2 \- M" l& o
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the# o) V5 E: {2 E% {, Y8 B9 J+ u
$441,878 average recorded at mid-October 2007.
+ w: X3 z: n- t2 A" r' HIn the 905 Region the average price of a home is currently $337,671. This represents an eight
$ T) M- H7 C4 v8 s" Uper cent decline from the $365,527 average recorded during the first half of October 2007.
1 j8 ?$ [! B$ X; J, aWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent' T" K$ Z& ]/ [0 I. u# `8 y- ^
more available stock from which to choose as compared to a year ago when 21,182 homes were
% I/ d: a4 c: ~2 t/ ]) llisted.
& t. ~) n9 b2 _“More choice can mean slightly longer wait times for sellers whose homes are now on average,) Q$ ~% @/ U3 U& z
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The5 U% O' ~2 U9 k7 l# [" p6 U/ `3 n
list to sales ratio is 97 per cent of the list price.” |
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