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Changing GTA Resale Housing Market Reflects Economic Times; A* u/ Z% l: B5 _
$ F5 Y# |/ s+ c: m2 o" a
TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
$ \9 y' X8 u& G$ u- fmoderated considerably during the first half of October with 2,700 homes changing hands,
! }9 X7 d5 A1 s) I( p9 p$ wToronto Real Estate Board President Maureen O’Neill announced today.
; N; q) ~8 E9 {Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
! p$ M& _$ k' B! o" _1 Ewhen 3,297 transactions were recorded and are down 10 per cent compared to the same period6 s& O, n* r& C5 V
in 2006 when 3,007 sales took place.
1 c( c, v) C' f6 Z- r' pIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21% {8 {( E! M3 }5 P. l* k& [
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
; o. E1 o2 E* C* C: e. wcent decrease from the 1,312 transactions recorded in the first half of October 2006.
# |$ |( u, \: b- H( R" f, Y8 iIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent8 |# S% a: D1 A! Z" l
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
5 ]/ Y: _% J( w" Y1 U$ fdown eight per cent from the 1,695 homes sold during the first half of October 2006.
. T- x9 K Y8 v, \# W* c8 Z: uHouse prices declined throughout the GTA during the first half of the month. The average price
! D$ b7 U' E4 f0 i6 f$ zof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable( ^& C& V( C: n
period in 2007." W2 j; }0 Y" ~7 A
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
$ L6 G& L% t6 J( m. R$441,878 average recorded at mid-October 2007.$ C) ^, P4 m) j' c3 X: m( J
In the 905 Region the average price of a home is currently $337,671. This represents an eight* g) g. Z, [- m
per cent decline from the $365,527 average recorded during the first half of October 2007./ @2 w2 B# E' [/ n5 s" j, Z
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent. V* Q$ y7 u+ l6 _9 S
more available stock from which to choose as compared to a year ago when 21,182 homes were
" i% k) H$ g% J$ k- {listed.7 i, r' j( f: Z& Y
“More choice can mean slightly longer wait times for sellers whose homes are now on average,8 j& ~& s! c% x2 q2 d/ h
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
* d+ Z j, n- l, F1 X+ @. K/ Plist to sales ratio is 97 per cent of the list price.” |
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