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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
/ W; c* Z) ^. J& t3 d# @! Omoderated considerably during the first half of October with 2,700 homes changing hands,8 H- }& | M4 I! n
Toronto Real Estate Board President Maureen O’Neill announced today.3 E' I. a( P) h9 x4 b
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,$ C5 O& P+ D" G7 L0 z7 _4 ^/ A) B3 e
when 3,297 transactions were recorded and are down 10 per cent compared to the same period: ?% s+ y: o8 m" j% ^2 |
in 2006 when 3,007 sales took place.6 y$ M8 Y& ?' \5 u5 [# ~' {
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
/ q) |; K: e+ N! S8 c/ [per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per* g; m5 `- L& E% u
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
6 E8 h% s, [) C3 kIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
+ t, p6 t, b9 s% J* adecrease from the 1,851 transactions that took place during the same timeframe in 2007 and/ D6 k9 P9 u: o- _3 B
down eight per cent from the 1,695 homes sold during the first half of October 2006.+ h& y8 r& K( c; E6 o9 N
House prices declined throughout the GTA during the first half of the month. The average price- O( N. l$ @- K2 `9 B
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable2 L! G7 L, F1 f( k
period in 2007.. R5 f6 X! d, }9 _4 c
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
- Q; O: Y; Q1 [9 g# ^$441,878 average recorded at mid-October 2007.
0 b3 H) l) m5 o1 R5 uIn the 905 Region the average price of a home is currently $337,671. This represents an eight
, n( z! C; b4 G4 \: S8 w; qper cent decline from the $365,527 average recorded during the first half of October 2007. L$ W0 g, ]( I+ [4 G
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
$ p7 V+ m1 y" vmore available stock from which to choose as compared to a year ago when 21,182 homes were$ @. t7 i& |6 c3 b& n8 i
listed.
& j( v! s* o" U3 I; ]4 u0 D# |“More choice can mean slightly longer wait times for sellers whose homes are now on average,
3 x. N. h2 p6 t2 q* \" F8 iselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The# @/ m2 w0 s# @% j# X( M2 C
list to sales ratio is 97 per cent of the list price.” |
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