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Changing GTA Resale Housing Market Reflects Economic Times3 x: h U, Y8 e8 m
; p! K9 }% H' D$ W: f2 B, t; hTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market, e6 ^5 v m; d& i j
moderated considerably during the first half of October with 2,700 homes changing hands,# Y9 j# }$ t& v7 j; k* p9 n% \
Toronto Real Estate Board President Maureen O’Neill announced today.7 f/ C* t2 m) C
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,4 [1 h5 m% }+ K5 O( M
when 3,297 transactions were recorded and are down 10 per cent compared to the same period# h% d" B4 V) |) L6 V& _' U
in 2006 when 3,007 sales took place.
4 d2 f( e2 e8 H& `1 AIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
+ o6 g6 f* k& l& S5 N! C3 l0 nper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per" v9 G9 Z# H6 u/ i8 ]5 a9 Z5 t
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
4 t) Z5 j, \0 E$ _: N8 ^) ~In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent8 m; `6 X; j+ t
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
, j) f/ T+ `5 ]8 `down eight per cent from the 1,695 homes sold during the first half of October 2006.
% b' N, s$ x4 O2 q: W$ f) HHouse prices declined throughout the GTA during the first half of the month. The average price" Z# M @% o" x# \. }
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable/ l: b# ]+ D4 H0 h/ M
period in 2007.% F0 U% g0 n- M5 ~0 N, q( ^
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the& M! s) r) Y! x2 L" j7 e
$441,878 average recorded at mid-October 2007.
0 l& N3 M* t% ~$ O6 C9 g/ xIn the 905 Region the average price of a home is currently $337,671. This represents an eight
9 K5 d$ z6 n! Yper cent decline from the $365,527 average recorded during the first half of October 2007.2 E. Z# R* x! ^
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent, ^" K& a% D0 ?. E
more available stock from which to choose as compared to a year ago when 21,182 homes were) d' U; ^- J( k0 q2 L
listed./ V' r, Z( n& W, E6 S
“More choice can mean slightly longer wait times for sellers whose homes are now on average,) D8 u- M) r: A) B& G+ r( J
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
; v- K! r" `9 I/ }$ h, Xlist to sales ratio is 97 per cent of the list price.” |
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发表于 2008-10-25 13:47
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