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Changing GTA Resale Housing Market Reflects Economic Times. f2 p; P6 c) \- f# ~# j
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market( D5 T" L8 y1 c7 h3 E; a5 Y
moderated considerably during the first half of October with 2,700 homes changing hands,( w0 m9 m; `6 G
Toronto Real Estate Board President Maureen O’Neill announced today.8 g; b/ S' k4 y7 q" `- N
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,% V+ Q' {' O F; w* q- C% P
when 3,297 transactions were recorded and are down 10 per cent compared to the same period: B- v8 Y2 I: R9 z
in 2006 when 3,007 sales took place.) ]" L# d! a# ~! `! m* ~
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
+ n% n) l+ z n$ X5 `1 iper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per" _, R& K: q6 ^1 T
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
4 k, ^9 a2 C4 g- d; ~In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent& m. B" u7 p% m4 H; q% B
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and, h' H8 [2 \, q# n
down eight per cent from the 1,695 homes sold during the first half of October 2006.
& W1 l$ h' ?0 {+ @' pHouse prices declined throughout the GTA during the first half of the month. The average price$ z- c8 @+ Z' p$ p9 U' G4 D3 O
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable; v1 m1 T6 F5 F$ g% a1 }
period in 2007./ X+ a) K+ \- k( F6 t$ H
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the# {& E* x/ K( j( {4 P
$441,878 average recorded at mid-October 2007.
* Z3 o; M5 V/ a0 l) H4 A& MIn the 905 Region the average price of a home is currently $337,671. This represents an eight0 h, I& e3 X* J8 c- f
per cent decline from the $365,527 average recorded during the first half of October 2007.
$ C) F1 O9 L. v/ x$ V K% qWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent: o( Y. Q# w6 P3 W6 e- j$ m# L4 s
more available stock from which to choose as compared to a year ago when 21,182 homes were
# s; c, k# Q# m4 nlisted.( k7 C e9 g8 T9 k5 V
“More choice can mean slightly longer wait times for sellers whose homes are now on average,5 d [. h3 j) s8 z* X* n
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
% [7 l. U5 I5 Z8 g: d$ zlist to sales ratio is 97 per cent of the list price.” |
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