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Changing GTA Resale Housing Market Reflects Economic Times" F9 G: G) t/ V0 Y; @
2 I0 v" S, G' n: N7 DTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market4 E3 z* Q* ^8 Z+ |7 M
moderated considerably during the first half of October with 2,700 homes changing hands,
4 q/ T1 x! V0 Z2 b# C' pToronto Real Estate Board President Maureen O’Neill announced today.
' N: \4 ]+ a* b# d6 ?Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,% u" p) j6 N6 i; y; r. o7 I
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
! H& Q. `2 I4 J' ~in 2006 when 3,007 sales took place.5 `( g( q! f$ @0 Z1 q5 G
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
2 o8 Y4 Z2 A" F- P8 w) iper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
: ?. s8 B8 r) `4 w4 Z/ @3 Bcent decrease from the 1,312 transactions recorded in the first half of October 2006., g2 P8 y5 H; o/ D# K2 ~' h
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent, [% J: `& l* l: v% w
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
% _5 c1 {9 u& y7 Q# A0 w% t+ E4 M$ }down eight per cent from the 1,695 homes sold during the first half of October 2006.4 D$ C, k6 C* Z X
House prices declined throughout the GTA during the first half of the month. The average price6 b4 U; K4 Y" E) \
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
/ [/ W7 f9 I' c* }9 qperiod in 2007.
5 w: J1 e% ~* p2 {5 t# XIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the+ t9 Y5 ~4 p, m) y6 b5 _
$441,878 average recorded at mid-October 2007.
6 L1 f- I& V' ?2 S p+ |In the 905 Region the average price of a home is currently $337,671. This represents an eight+ p* A. r+ h4 V
per cent decline from the $365,527 average recorded during the first half of October 2007.3 S9 l: m" W. C# G5 |' Q
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
( l' O! X H6 P9 I m+ bmore available stock from which to choose as compared to a year ago when 21,182 homes were& A! |/ J2 F7 C, I5 P
listed.# X) v* \& a. A! K" G% ^
“More choice can mean slightly longer wait times for sellers whose homes are now on average,! \ Z; Y" `2 f) c
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
( m$ o" K: q( J3 o) v* Z. Klist to sales ratio is 97 per cent of the list price.” |
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