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Changing GTA Resale Housing Market Reflects Economic Times
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+ X1 R2 X8 T, sTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
* b: x8 F8 b8 C# [( @: h/ T$ ]$ xmoderated considerably during the first half of October with 2,700 homes changing hands,
6 q" m+ @ c: D: I' VToronto Real Estate Board President Maureen O’Neill announced today./ M) b! [* i4 r7 F) e
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,* {* B7 r+ ^ g9 i5 i3 r. m
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
/ g; P% B1 p9 E/ j& j+ {in 2006 when 3,007 sales took place.; A( p# B+ B( i) y, o
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
/ b" T8 _+ o3 c' y* o+ {5 w* Z/ cper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per. J+ y' \# P0 ]' t
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
( |2 \# ]$ V& ?) \6 l# k! O0 o$ UIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
- r: U6 T1 m9 `8 j; f7 d" Hdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
' T9 q1 J4 [& D% A4 s( gdown eight per cent from the 1,695 homes sold during the first half of October 2006.
# d& b. x4 [3 G% G) w0 eHouse prices declined throughout the GTA during the first half of the month. The average price; T5 k% C/ l: v9 D
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
+ ^" F- S4 z' ? O3 d/ operiod in 2007.+ {8 E5 F0 ?/ |
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
; }" T# p$ I+ S) c1 k3 c P7 c- n$441,878 average recorded at mid-October 2007.
; V1 t( j. |% C5 B" BIn the 905 Region the average price of a home is currently $337,671. This represents an eight! g$ B) l4 m5 b k4 q% R
per cent decline from the $365,527 average recorded during the first half of October 2007.
2 h5 |# l& t U6 O7 \8 B ?With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
i0 G; a: Y7 _* K9 K8 s2 ?% P( ?: vmore available stock from which to choose as compared to a year ago when 21,182 homes were
2 n x' F1 ` n4 z* Ilisted.
' j$ N& t! O2 O, V“More choice can mean slightly longer wait times for sellers whose homes are now on average,
+ d3 C# y( D( s) u; s, nselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
( l3 x2 H0 J' A! H+ s7 c4 C$ R+ glist to sales ratio is 97 per cent of the list price.” |
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