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Changing GTA Resale Housing Market Reflects Economic Times
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3 `( m. p) j/ g+ QTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
! i8 H+ `1 r' l" m2 Umoderated considerably during the first half of October with 2,700 homes changing hands,
! R$ K) m2 B% S3 [/ K4 e" cToronto Real Estate Board President Maureen O’Neill announced today.
) f1 Z1 v% l2 b0 q6 JSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
4 o, a6 U; F" ?7 Iwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period5 ]- X+ P: W9 _% T5 p
in 2006 when 3,007 sales took place.: j+ L/ ^3 I Y. [% ]# r
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21 U! `4 O" `) Z+ t
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
) l' ~; S/ h S- a- Fcent decrease from the 1,312 transactions recorded in the first half of October 2006.* ~6 c$ ^ ?, m, P
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent( d4 V) x/ I' q5 K Z x8 R
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
C9 H8 U- l0 o" P) Udown eight per cent from the 1,695 homes sold during the first half of October 2006.
, k, V' k. E" rHouse prices declined throughout the GTA during the first half of the month. The average price
' z5 W( `+ c4 i" O' _6 B' |of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable& _. X% `) i" C' f+ Z5 A5 e4 l
period in 2007.0 S* l, f0 N4 B# J. N6 c
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
3 J# _/ U8 R# v$441,878 average recorded at mid-October 2007.
" F! w2 Z+ ?+ p. ?& MIn the 905 Region the average price of a home is currently $337,671. This represents an eight3 B6 |$ I u1 j' `
per cent decline from the $365,527 average recorded during the first half of October 2007.
8 D4 w+ F% G, _- A; cWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent% ]% |; F) |7 k! P) {) d; R3 K0 G
more available stock from which to choose as compared to a year ago when 21,182 homes were& v' Z* |" r# g _- [
listed.- U2 \& x: p; C L0 F5 }& X, ]2 [
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
# s- U2 ?! l$ Z/ k* v+ Tselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
: ~8 f8 r. b! A Xlist to sales ratio is 97 per cent of the list price.” |
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