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Changing GTA Resale Housing Market Reflects Economic Times
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
& p! j; x0 E! o! o7 K7 B8 xmoderated considerably during the first half of October with 2,700 homes changing hands,# Z, b7 P* T; i4 U
Toronto Real Estate Board President Maureen O’Neill announced today.+ P s+ N6 J, K: C: o! }
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007, o5 z7 R1 f! `- X
when 3,297 transactions were recorded and are down 10 per cent compared to the same period$ o+ E) i, C7 R5 B' m
in 2006 when 3,007 sales took place.
% f, P2 i( Q6 c: `In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21- q$ u* Q+ w: `9 P% m
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
3 X% p; R5 V0 j1 p# ]6 P0 {cent decrease from the 1,312 transactions recorded in the first half of October 2006.
( J0 I6 u8 M% j) S) @3 N# E- Q& o, \In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent; u: S7 X1 {3 y* g7 x7 Q: J
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and5 l$ G, o4 P5 `+ N
down eight per cent from the 1,695 homes sold during the first half of October 2006.! E7 m" f5 S: I4 t4 u6 }
House prices declined throughout the GTA during the first half of the month. The average price
, `7 V/ g$ p9 _* C2 Eof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable8 m$ g& e) T1 D$ M
period in 2007.
3 x2 @! p c# `. h- _6 ]In the City of Toronto the current average price $375,804, a 15 per cent decrease from the9 y0 Q2 t" D$ m+ i7 k
$441,878 average recorded at mid-October 2007.0 G. Z8 _" L: B( O. Z6 o8 R
In the 905 Region the average price of a home is currently $337,671. This represents an eight
2 V e6 n0 O) \% B7 p0 @per cent decline from the $365,527 average recorded during the first half of October 2007.
" o- g. Q# _" S% R0 J/ i, N5 Q+ E( VWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
6 C0 Z- n& d: [0 m3 dmore available stock from which to choose as compared to a year ago when 21,182 homes were
' R& [/ J, g* f% h; k& _listed.# h% |6 e2 Y# S& Q
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
1 U& W ?( ^8 r* O% i) E3 _selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The& F) W' L7 O; @/ d5 C a0 k
list to sales ratio is 97 per cent of the list price.” |
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