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Changing GTA Resale Housing Market Reflects Economic Times
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
" n! i9 f" j7 Y) n1 W9 Omoderated considerably during the first half of October with 2,700 homes changing hands,
) j- ^$ @+ ^. [# yToronto Real Estate Board President Maureen O’Neill announced today.
5 }- W+ t2 @; [Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,/ I; z- S% z# m) U z3 r1 ` s
when 3,297 transactions were recorded and are down 10 per cent compared to the same period3 J1 _6 l0 ?2 d* X2 H- N6 a
in 2006 when 3,007 sales took place.& Q7 @! m+ i: f' T8 d
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 219 v: l5 i; {5 i! h6 y+ J
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
, t- s7 h! p' G( P! ~cent decrease from the 1,312 transactions recorded in the first half of October 2006.7 t4 t: \5 l8 J6 w, ~5 n
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent& k0 D1 B3 N0 D* f0 p9 Y* E% a
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
- f$ @: M0 X+ B% ?down eight per cent from the 1,695 homes sold during the first half of October 2006.) Q: H6 ?" T, ~. {& d- Z
House prices declined throughout the GTA during the first half of the month. The average price
5 I8 g! |$ r6 _+ r) |of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable# A3 |2 }$ m$ Q1 Y5 p# y! |
period in 2007." K1 N0 T* e" X' U7 v
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the" G, t6 B9 y6 Q' G- B3 ]1 g) [
$441,878 average recorded at mid-October 2007.( ]& v U% { [
In the 905 Region the average price of a home is currently $337,671. This represents an eight D- g W u3 W I" u+ {
per cent decline from the $365,527 average recorded during the first half of October 2007.
6 `5 G9 Z E8 B* ]% v7 U/ n dWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
$ d5 d% ~$ {/ Q- v/ t: J0 O0 J" xmore available stock from which to choose as compared to a year ago when 21,182 homes were
6 |! a, a$ d+ y5 tlisted., |7 v1 y& X: R1 v4 w6 n, _
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
, F# b* z9 [) i) `% r/ J* B, sselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The' m" w7 ~+ k6 ^4 G
list to sales ratio is 97 per cent of the list price.” |
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