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Changing GTA Resale Housing Market Reflects Economic Times
9 v; e( S3 M: X: U; O, @( c/ m* @: c. @! K0 ^( Q! E
TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
' p3 V: V! S% P2 q, o9 ymoderated considerably during the first half of October with 2,700 homes changing hands,1 q3 R7 w) g' b1 ~5 l' u
Toronto Real Estate Board President Maureen O’Neill announced today." r' C3 w' m! p1 ]/ U: E$ M
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
2 {6 C! S# S I; J* zwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
5 G K( R6 A& rin 2006 when 3,007 sales took place.
$ M1 Y3 h& ]4 \0 ~In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21; b$ F$ B- r9 J v! T' q
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per- x( Y+ L7 \, r1 {
cent decrease from the 1,312 transactions recorded in the first half of October 2006.; W0 H* J1 X( t
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent5 _3 A1 @! Q& W
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
/ ]3 a. V a0 _3 q7 Adown eight per cent from the 1,695 homes sold during the first half of October 2006.% D; ?! ]* H1 l6 Z# A0 ~; D, n
House prices declined throughout the GTA during the first half of the month. The average price
, p9 o# }1 m3 d, Sof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
/ v( }+ j, G- _3 q$ Pperiod in 2007.' s: H$ d9 { w" ~, C1 u
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the0 f P) t/ F; \& [4 A
$441,878 average recorded at mid-October 2007.
1 c! C6 E3 t$ N9 DIn the 905 Region the average price of a home is currently $337,671. This represents an eight
7 l0 U6 K0 E5 r5 a: hper cent decline from the $365,527 average recorded during the first half of October 2007.
; b: P! P9 i5 T$ e1 yWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent: s0 h: K1 w7 _' L0 T
more available stock from which to choose as compared to a year ago when 21,182 homes were& M8 f8 ?- A. p/ v H+ d
listed.! u9 }2 L; H1 R3 V3 v8 e
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
9 j0 f5 n! t) L X: x; qselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
" _" F0 P/ }+ e" ~3 y$ {list to sales ratio is 97 per cent of the list price.” |
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