 鲜花( 17)  鸡蛋( 0)
|
Changing GTA Resale Housing Market Reflects Economic Times6 [' o0 R3 d' L6 y
) Z& v% Z" B& M; g& K3 c' @* oTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
$ S+ h: a# M) P# I' `5 W! b* W3 G% Jmoderated considerably during the first half of October with 2,700 homes changing hands,
4 f: v) R$ j0 F$ W' JToronto Real Estate Board President Maureen O’Neill announced today. A0 Z& Q1 m R2 w x& x+ y8 {2 p1 `
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,1 {, F5 f' W. w/ _
when 3,297 transactions were recorded and are down 10 per cent compared to the same period/ P4 z1 [5 r5 N2 V4 p7 W
in 2006 when 3,007 sales took place.
3 w4 Y. @# x; m$ ~$ i8 P# J4 YIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21% B4 o1 ?- `; U
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per* P6 E3 ?8 @0 t' o) {# Y
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
$ n5 T! x6 {9 F' O" z% ^In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
k0 T) B# v, z7 J& ndecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
5 n9 g1 ?9 l* k9 K( d$ r, P. xdown eight per cent from the 1,695 homes sold during the first half of October 2006.
' m5 n& w0 j) z- T, |+ Z% q0 MHouse prices declined throughout the GTA during the first half of the month. The average price
4 f% b- S. v3 J5 j- |: u0 ~' |+ jof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
; M" \+ a. g" |9 g8 \0 ?4 O8 Xperiod in 2007.1 s, }" W7 M+ I4 k/ ^) V/ A
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the# C) e4 o" p) K* j+ T/ `' A
$441,878 average recorded at mid-October 2007.
5 s6 H, F% |# i% ?, j2 vIn the 905 Region the average price of a home is currently $337,671. This represents an eight
$ d& L: l: ~# |0 T Qper cent decline from the $365,527 average recorded during the first half of October 2007.4 d4 e$ s* W0 b
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
9 p1 [( |* C6 B3 L# B1 t# g" |& l( v6 Xmore available stock from which to choose as compared to a year ago when 21,182 homes were
# C& w' {# _$ B f- k/ qlisted.% d% @* Y/ I/ w# {( x
“More choice can mean slightly longer wait times for sellers whose homes are now on average,0 k" |: j0 g; y0 Q: D0 h
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The. @) t1 s& p' M3 B' T) c6 X
list to sales ratio is 97 per cent of the list price.” |
|