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Changing GTA Resale Housing Market Reflects Economic Times
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4 L" m( J0 F' [TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
% k+ y9 |; U4 w- i2 W, G" i. Omoderated considerably during the first half of October with 2,700 homes changing hands,* i: ]! W" W5 V1 r
Toronto Real Estate Board President Maureen O’Neill announced today. D; ^* l+ X$ ?' n
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
6 T' j8 c0 }- owhen 3,297 transactions were recorded and are down 10 per cent compared to the same period( W- \7 n i, N$ F+ P
in 2006 when 3,007 sales took place.
. c% a2 B/ P5 T- U$ IIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
; z' u$ r5 n$ Z+ O1 B: H2 ]' A9 `per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
5 T! C# g. E5 z Fcent decrease from the 1,312 transactions recorded in the first half of October 2006.. m5 _: c' h2 C2 D& F' n
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent1 U' B% Z& _" v2 T8 e! {
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
3 x5 v! I% H. o+ r# p5 V8 ^% }down eight per cent from the 1,695 homes sold during the first half of October 2006.
$ m( y5 O1 j6 J( w0 hHouse prices declined throughout the GTA during the first half of the month. The average price, u# _3 d6 I7 [) h( Z) J v
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable' `4 t$ G- j1 C) ~' A
period in 2007.- s% ^' f$ S+ ~' o7 i( t. q
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
, h4 [0 y1 \, m$441,878 average recorded at mid-October 2007.
! i2 R9 ?/ e* Y% XIn the 905 Region the average price of a home is currently $337,671. This represents an eight U: j- Y$ @- H
per cent decline from the $365,527 average recorded during the first half of October 2007.
! ]& d. D/ ]$ p: q; XWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent9 ?4 L9 C' e- I7 K o
more available stock from which to choose as compared to a year ago when 21,182 homes were6 n% ?. l" W* s& U! \
listed.* z, L+ M9 o# k( W: h. R' C, g
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
+ b) W3 P* R& p! \7 qselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
7 f0 u2 y! B9 ^' W ]% T: V- @" Olist to sales ratio is 97 per cent of the list price.” |
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