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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) a" C7 E- H9 ~8 V4 U
moderated considerably during the first half of October with 2,700 homes changing hands,
, ^! ~) ^3 G9 S# l1 K/ m7 dToronto Real Estate Board President Maureen O’Neill announced today.
& t5 F. \. L" G8 cSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
8 h6 l% N: w( G3 cwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
3 Z1 }- r4 Z F- `( Tin 2006 when 3,007 sales took place.
5 B" i- T' Y$ F. K, yIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21" F* Z% b* V6 Y: M
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per! O, H) o, k. |1 Y/ r- |4 ]
cent decrease from the 1,312 transactions recorded in the first half of October 2006./ o+ i1 ]' J3 D5 u
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
+ j- ]4 s% P `% n$ {- tdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and/ @ e: {( I" z' u7 S
down eight per cent from the 1,695 homes sold during the first half of October 2006.
! |4 ~/ X3 X( h: {% M4 THouse prices declined throughout the GTA during the first half of the month. The average price
: w3 d( U' ?& l2 @7 u9 D) Gof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable3 Z& d7 X2 m+ y8 d$ l* N! v4 K
period in 2007.
: p- @8 v3 r& y1 U# R+ ? i3 KIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
+ r& h# g) k/ u" V& s% `% q/ }$441,878 average recorded at mid-October 2007.
) j" w- f5 b I% UIn the 905 Region the average price of a home is currently $337,671. This represents an eight
( h" \3 k/ w; m8 [9 Y8 Q- a( u2 Dper cent decline from the $365,527 average recorded during the first half of October 2007.
5 x- M' |" i8 w) v( DWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
2 w+ q; E3 E; i b8 s7 imore available stock from which to choose as compared to a year ago when 21,182 homes were2 D. J" `4 X7 U% V( T0 x, W
listed.+ i( d" N% R, V6 ]4 m
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
; H7 S* O3 q1 B* p8 ~, Dselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The ~6 f; n, F# ?5 O
list to sales ratio is 97 per cent of the list price.” |
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