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Changing GTA Resale Housing Market Reflects Economic Times; H. f0 H! a6 q8 n8 M/ {
$ t$ P a. c) |$ e- Y: oTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market% W: f) A8 w f4 s
moderated considerably during the first half of October with 2,700 homes changing hands,
% R) u, H/ x& E/ n5 @; mToronto Real Estate Board President Maureen O’Neill announced today.
) q8 C, ]$ `6 [$ ]' j/ t- }Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
$ G6 O4 ^/ A. S* b2 rwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
3 s6 v6 v; O1 T+ |in 2006 when 3,007 sales took place.
; K1 V$ @% ~% S3 ?3 b* m% EIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
0 ?3 p( _! R1 x# zper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per8 r# \- z2 {0 X% x3 i
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
* o: M- \- \2 ZIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent" t( ~; `$ B* `
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
0 x9 v' E, L5 b6 _down eight per cent from the 1,695 homes sold during the first half of October 2006.4 U& ]+ G# z' U7 M+ y3 k
House prices declined throughout the GTA during the first half of the month. The average price
6 J5 u& X4 F; Y/ x( e S. r" Oof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
0 z" d( r& X- G0 Gperiod in 2007.
( o1 P J9 w1 A& Z6 KIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
( ~. G1 r8 E3 S4 ^6 q9 F- O$441,878 average recorded at mid-October 2007.$ }0 L) O0 [# E
In the 905 Region the average price of a home is currently $337,671. This represents an eight0 M" i0 e0 p. g; A: s' N& e& v
per cent decline from the $365,527 average recorded during the first half of October 2007.* a4 H4 d& r! p" z0 c0 @0 j: A
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
; u; G0 R5 ]6 D/ e" G+ Smore available stock from which to choose as compared to a year ago when 21,182 homes were/ n+ n3 r+ H9 d! N
listed.
& w, ?5 K' `- }“More choice can mean slightly longer wait times for sellers whose homes are now on average,
) B6 ]% X; \. C5 B# X3 z- |# Vselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The3 V& Q; A, Q& p: O/ P0 Z: Y, N4 r# V
list to sales ratio is 97 per cent of the list price.” |
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