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Changing GTA Resale Housing Market Reflects Economic Times
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' R0 C8 V. |9 ?2 `TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market3 B# s- k: g w6 H
moderated considerably during the first half of October with 2,700 homes changing hands,
5 \% v8 I2 f" U6 g' v" `Toronto Real Estate Board President Maureen O’Neill announced today.
' i0 g( n" o: d$ L- ?1 [$ mSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
1 u }& Z/ T' E( M/ w; Y- L, l+ Uwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
! \# r6 g7 A; C: o* D1 G) Yin 2006 when 3,007 sales took place.
; N! V5 E) c9 E) WIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
2 }7 l& ?! _& ]! X, ~ H, J Nper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
V- @# S# I; N$ y$ W& k) @cent decrease from the 1,312 transactions recorded in the first half of October 2006.
9 R' j' Q+ g% UIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
/ B' L" v) [+ ]' y. x* B: edecrease from the 1,851 transactions that took place during the same timeframe in 2007 and1 \* w) o# Z4 ^" ^8 \9 Z
down eight per cent from the 1,695 homes sold during the first half of October 2006. [) t& u$ |9 }: l
House prices declined throughout the GTA during the first half of the month. The average price
0 R7 d+ H6 N: nof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
9 J# a' Q9 n$ h0 L3 @period in 2007.
. R, X% y0 l& u) i% w/ p* W1 @In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
" V8 E7 S; G) b9 \7 J% U" H/ Z$441,878 average recorded at mid-October 2007.
1 I- t0 z- g6 b0 NIn the 905 Region the average price of a home is currently $337,671. This represents an eight
* p2 N6 G. ]' `. C4 jper cent decline from the $365,527 average recorded during the first half of October 2007.1 W( b5 E$ Z1 Z+ e& K
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
4 A2 ^% Z; \+ ^, e' z6 q0 ]more available stock from which to choose as compared to a year ago when 21,182 homes were
0 z) b3 v/ L1 u# S" _listed.
% ]" R, W7 J M: L W( M" f“More choice can mean slightly longer wait times for sellers whose homes are now on average,
! {! [; w4 e6 ~! @selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
) y. J/ T- B. q# W5 x- F' ~( T$ Y" [list to sales ratio is 97 per cent of the list price.” |
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