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Changing GTA Resale Housing Market Reflects Economic Times2 X, b, ?7 i$ {0 `/ Q; c
, C0 Y$ ~# j c5 |TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
3 J4 d3 c7 u$ n! Qmoderated considerably during the first half of October with 2,700 homes changing hands,3 ]) `. h: s5 F' Y
Toronto Real Estate Board President Maureen O’Neill announced today.
/ Y, s4 x5 ?/ c4 E R8 xSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
8 O& p/ X }' d; g4 d( _4 ?when 3,297 transactions were recorded and are down 10 per cent compared to the same period: w' M3 I- [! U( F; u6 v
in 2006 when 3,007 sales took place.
2 K' l0 b3 s( F- T) C% lIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21& f( m Z) x: c
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per3 T, }5 Y$ @ Z. w! S W5 s C
cent decrease from the 1,312 transactions recorded in the first half of October 2006.# z2 @1 ~1 l w* F' P# ]" B; `6 y
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
8 C% o& A8 O" ~3 i* M$ F" i# sdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and5 d9 ~. o) ]! q! H% S
down eight per cent from the 1,695 homes sold during the first half of October 2006., j1 e ~/ y' l# _( O; h
House prices declined throughout the GTA during the first half of the month. The average price' m" M' F4 W4 a D
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
0 D: m. N7 n6 M3 G3 speriod in 2007.$ s) d- K9 P& p% L
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
- B1 I/ z' k9 y3 n$441,878 average recorded at mid-October 2007.
, E, ~- u2 X& z) V6 s6 ]In the 905 Region the average price of a home is currently $337,671. This represents an eight
) J! D( G! ^# a2 xper cent decline from the $365,527 average recorded during the first half of October 2007.# J: a# s( K ^6 u
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
. E" O' x x# q ~- amore available stock from which to choose as compared to a year ago when 21,182 homes were
4 ]9 z, H4 O+ W) @( j8 D4 e: Xlisted.- r4 B A; C* [ y: a/ Y4 \+ w$ m/ m
“More choice can mean slightly longer wait times for sellers whose homes are now on average,0 \" d* B# i! S
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
* x' S! T' o; jlist to sales ratio is 97 per cent of the list price.” |
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