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Changing GTA Resale Housing Market Reflects Economic Times
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- \1 r( g, l- w' v ?6 gTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
$ A: a; E4 ~3 G4 o2 x% fmoderated considerably during the first half of October with 2,700 homes changing hands,
5 v9 y" B8 V9 iToronto Real Estate Board President Maureen O’Neill announced today.
/ s4 B6 n+ ^1 f8 ?Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
' U* b F1 b( `3 ?when 3,297 transactions were recorded and are down 10 per cent compared to the same period; Q! c4 F) i6 D3 ]
in 2006 when 3,007 sales took place.0 d. c( _& |' ~* b5 U
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 213 @& T: m5 r; O" s! K- V
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per4 n- w3 ?6 }7 C/ h J& w) i
cent decrease from the 1,312 transactions recorded in the first half of October 2006.% a1 h" [* P( d j5 x9 x; g# \$ l
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
; v$ E) ?8 m5 _/ Z$ I% }7 Adecrease from the 1,851 transactions that took place during the same timeframe in 2007 and1 l/ t( M- L4 Z8 r; C9 O
down eight per cent from the 1,695 homes sold during the first half of October 2006.8 s/ I. A: f8 @8 f
House prices declined throughout the GTA during the first half of the month. The average price
2 [7 {* x) D4 r2 Z* k; wof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
, w1 M* {( N# X9 vperiod in 2007.
X+ j2 S% m2 i) g; t0 _4 {* K+ JIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the6 I: W! R9 Z8 b9 ~5 {
$441,878 average recorded at mid-October 2007.
; U! d: o/ g; U( W& u/ pIn the 905 Region the average price of a home is currently $337,671. This represents an eight! R0 w* Y p' U9 n
per cent decline from the $365,527 average recorded during the first half of October 2007.$ u# d& M1 m0 j' l& v; W c3 e
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
$ o- F, R- `9 V7 V' x* cmore available stock from which to choose as compared to a year ago when 21,182 homes were. q* k- p5 y1 P$ J( ?- d; q5 c W1 N
listed.8 J. x4 Q2 p) d5 ? E
“More choice can mean slightly longer wait times for sellers whose homes are now on average,. _3 C7 Y* P& j
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The! h( ~& z. m0 y3 j8 Z# o
list to sales ratio is 97 per cent of the list price.” |
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