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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
7 k! q7 f6 H$ }' u& Bmoderated considerably during the first half of October with 2,700 homes changing hands,% z( q+ \5 |5 }
Toronto Real Estate Board President Maureen O’Neill announced today." Q" N" O6 v" i; Z( L. L" D
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,1 r; W% N5 ^2 T. s
when 3,297 transactions were recorded and are down 10 per cent compared to the same period; j& C0 M0 S# W
in 2006 when 3,007 sales took place.
5 p: \# N/ i( O& g* e# eIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
, P6 j) i' c* N r, Rper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
6 k1 Q# v4 y; A% d/ B0 m: jcent decrease from the 1,312 transactions recorded in the first half of October 2006.7 Z5 d0 [! c" q' J; z" e
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
0 ^8 a0 E1 F: D: D/ @8 ] ddecrease from the 1,851 transactions that took place during the same timeframe in 2007 and3 Q! u; X' r" t( Q+ j
down eight per cent from the 1,695 homes sold during the first half of October 2006.; {1 w Q4 d9 j, c8 S& J
House prices declined throughout the GTA during the first half of the month. The average price
2 a2 V' h" }) B3 x/ lof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable9 d T N, b' I
period in 2007.
5 N. H, }1 R/ T& \* F" q3 hIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
- r9 n2 ]7 Z2 D7 H) k; p$441,878 average recorded at mid-October 2007." d _3 N$ ^) t( E2 J5 P( M7 y
In the 905 Region the average price of a home is currently $337,671. This represents an eight
5 K) t1 o# p1 nper cent decline from the $365,527 average recorded during the first half of October 2007.- Y; D9 z8 y7 @# h* c" S& \1 B
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent. Z" a- m& `( V/ Q; T3 Q
more available stock from which to choose as compared to a year ago when 21,182 homes were4 G) m1 s0 n$ f1 c: i2 b
listed.& C7 j9 w4 k, @; G) @8 U( n4 m: ~! I
“More choice can mean slightly longer wait times for sellers whose homes are now on average,- T* I1 D! f( U! ^. R- Q. G
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The u4 q! k5 ~# a y3 c
list to sales ratio is 97 per cent of the list price.” |
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